The British Retail Consortium (BRC) welcomed the Autumn Statement, stating the Government had heard the concerns of the retail industry and said it was a first step towards “broken” business rate system reform.

It supported the Government’s move to reducing inflation, which BRC said was damaging consumer confidence and holding back demand.

Chief executive of the BRC Helen Dickinson said: “High inflation remains a major threat to the UK economy and we support the government’s objective of bringing this down.

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“Inflation is making people poorer, damaging consumer confidence and holding back demand. It pushes up the costs to businesses which further increases prices for consumers.

“As the retail industry enters the crucial Christmas period, it is vital that inflation is brought to heel.”

Following new valuations of business properties to reflect recent market conditions, as well as global price rises due to the war in Ukraine, Government introduced a £13.6million package to help rate payers.

It included freezing the multipliers for another year and an extended and increased relief for retail, hospitality and leisure businesses,

Helen Dickinson said it showed the government has heard the concerns of the retail industry, as shed stated: “Retailers are working incredibly hard to support customers – expanding value ranges, fixing the prices of essential items, and offering discounts to vulnerable households.

“This Autumn Statement supports that commitment by reducing upwards pressure on prices in the short term, and helping retailers protect jobs, keep shops open, and protect the vibrancy of local communities.”

Government has also announced reforms to transitional relief, so businesses seeing lower bills as a result of the revaluation can benefit from the decrease straight away, by abolishing transitional relief caps.

In addition, Government also announced a £1.6billion scheme to cap increases for businesses who have higher bills, as a result of the revaluation.

Dickinson commented it was an “essential” step towards longer term reform of the “broken” business rates system.

She stated: “This decision means that April’s bills reflect market conditions and retailers will pay only what they owe, rather than being forced to overpay their rates bill when the value of their property has already fallen.

“This represents the first step towards a more fundamental reform of the broken business rates system.”