Autumn Budget 2024: What it has for retail businesses?

Chancellor of the Exchequer, Rachel Reeves, presented the Labour government ’s Autumn Budget 2024 in the House of Commons on Wednesday, describing it
as “a Budget to fix the foundations of the economy and deliver change by protecting working people, fixing the NHS and rebuilding Britain.”

The Budget, the first from a Labour government in 14 years, introduces some significant measures to boost small businesses and deliver crucial support to the NHS
amid challenging economic conditions.

In a move to support businesses, the government has announced a fairer business rates system by permanently lowering the business rates multipliers for retail,
hospitality, and leisure (RHL) properties from 2026-27.

Additionally, £1.9 billion has been allocated to support small businesses and the high street in 2025-26, including freezing the small business multiplier and
providing a 40% relief on RHL property bills, up to a £110,000 cash cap.

To repair the public finances and raise funding for public services, the government has decided to increase the employer National Insurance Contributions (NICs)
rate by 1.2 percentage points to 15%, with effect from 6 April 2025.