All retail, hospitality and leisure firms will see their business rates frozen, cut or removed over the next few years, the pensions minister, Torsten Bell, has said.
Speaking at a post-Budget briefing for journalists, reported by the Yorkshire Post, he said these firms "will see their business rates frozen, cut or removed entirely over the course of the next few years."
The Yorkshire Post reports that the relief threshold for these firms rises from £12,000 to £18,000. Tapered relief will extend up to £21,000, up from £15,000.
Mr Bell said the package would be funded through VAT. "We're paying that by requiring online businesses to pay VAT properly," he said.
He did not give a figure for how much the online VAT measure is expected to raise. His claim that it will cover the cost of the rates package has not been independently checked.