Planned rate rise increases announced in the last budget have been replaced by a 15 per cent cut to new business rates bills from April followed by a two-year real-terms freeze, as well as a review into the method used to value them for business rates, said Chancellor Rachel Reeves. The sector has also raised concerns around the way they are valued for business rates purposes. Announcing the revised business rates, Chancellor of the Exchequer Rachel Reeves said: "If we’re going to restore the pride in our communities, we need our pubs and our high streets to thrive. “Thriving local businesses, bustling high streets and pride restored in our communities – that’s what this government is delivering." That so far therefore is a broken promise, as is their commitment to abolish business rates.