Chancellor Philip Hammond pledges £1.5bn Budget lifeline for small High Street retailers

THOUSANDS of small high street retailers are to get a business rates Budget boost.

Nine in ten will see bills slashed by a third.

Chancellor Philip Hammond is set to pledge £1.5billion to aid struggling shops.

A £900million relief plan will see nearly half a million firms get an average rates cut of £1,800.

A separate £650million will be spent on free or discounted parking, fixing potholes and turning empty shops into homes and offices.

All retailers whose properties are rated at below £51,000 will get a third off their bills.

Only shops, restaurants, cafes, pubs, hairdressers and laundrettes will qualify.

Estate agents, financial and medical service firms will be excluded.

Treasury officials said a Birmingham newsagent with a rateable value of £14,250 would save £1,749.

And a pub in Sheffield with a value of £37,750 will save £6,178.

In total 496,000 firms will benefit — 90 per cent of small retailers in England.

The Federation of Small Businesses has been lobbying for relief.

Chairman Mike Cherry said: “This shows the Chancellor has listened.

“This fund will help keep high streets at the heart of our communities.”