{"text":[[{"start":0,"text":"The UK government has been accused of breaking its promise to help the high street with a “stealth” £1.5bn increase in business rates."}],[{"start":17.6,"text":"In his Budget on Wednesday, chancellor John Healey touted an extension of business rates relief that took 70,000 small shops, restaurants, cafés and gyms out of paying the tax, saying the package would be funded by higher gambling taxes."}],[{"start":30.555,"text":"However, analysis of Treasury documents by the FT and global tax firm Ryan has found that the benefit is being predominantly funded by a two-year extension of a temporary business-rate charge which will also hit the supposedly protected sectors of retail, hospitality and leisure."}],[{"start":46.442,"text":"A company’s business rates bill is calculated using the so-called “rateable value” of its premises — an estimate of its annual rent."}],[{"start":54.92,"text":"Healey’s predecessor Rachel Reeves faced a backlash from pubs last year over her attempts to reform the business rates system, and she was eventually forced into an £80mn support package for pubs and music venues after they warned of closures and job losses from their overall rates bill doubling."}],[{"start":70.56,"text":"After Andy Burnham became prime minister this summer, he and Healey went further by announcing the slashing of rates for pubs and music venues by 20 per cent."}],[{"start":78.88,"text":"On Wednesday, Healey then expanded the level of relief to take 70,000 small shops, restaurants, cafés and gyms out of paying business rates at all, while promising larger retail, hospitality and leisure firms that their rates would not rise for two years."}],[{"start":94.72,"text":"However, companies that are not receiving so-called “transitional relief” from large increases to their business rates bill were hit last year with the announcement of a 1p supplement which adds £1 to their bill for every £100 of a property’s rateable value."}],[{"start":109.2,"text":"Unveiled in Labour’s 2025 Budget, it was originally to last for one year from April 2026. However, Healey’s Budget documents show the chancellor has extended the supplement for a further two years, “partly offsetting the rates relief for pubs and live music”."}],[{"start":125.28,"text":"The surcharge will generate £741mn across England this financial year and repeating that extension raises £1.5bn. The biggest burden will fall heaviest on businesses in London and the South East."}],[{"start":138.8,"text":"The supplement extension will raise the same amount for the Treasury as the chancellor’s attention-grabbing tax raid on the banks."}],[{"start":145.92,"text":"A British Retail Consortium spokesman said: “The chancellor’s business rates freeze for retail, hospitality and leisure properties is smoke and mirrors."}],[{"start":155.68,"text":"“Not only will the vast majority of retailers still face inflation-linked 3.5% increases in their bills, but many are also on the hook for the 1p surcharge helping to fund the government’s relief package. With margins already squeezed and prices rising, piling further costs on to retailers will ultimately mean consumers paying the price.”"}],[{"start":176.96,"text":"Speaking in the House of the Commons before the Budget, Burnham had highlighted the BRC as one of the business groups that supported in general his government’s policies."}],[{"start":186.56,"text":"Alex Probyn, Practice Leader, Property Tax, Europe and Asia-Pacific at global tax firm Ryan, said: “This is a stealth tax rise for businesses which had every reason to expect this additional cost to disappear next April. Businesses cannot plan with confidence if the government moves the end date beyond its previous commitments.”"}],[{"start":204.72,"text":"The Treasury declined to comment."}],[{"start":214.83,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793343867_2267.mp3"}