Autumn Budget & Business Rates - what to expect

Following the confirmation that the 2025 Autumn Budget will be delivered on Wednesday, 26 November by Chancellor Rachel Reeves, we wanted to share a brief update as to the impact expected on business rates. This Budget is expected to include several important announcements affecting business rates, including:

• Updated Uniform Business Rates (UBRs) for 2026/27. This will see the introduction of multiple multipliers from April 2026, including:
  • Two lower multipliers for Retail, Hospitality & Leisure (RHL) properties with rateable values under £500,000.
  • Two multipliers for non-Retail, Hospitality & Leisure properties with rateable values under £500,000.
  • A higher multiplier for all properties with rateable values of £500,000 and above.
• Details of any Transitional Schemes for properties facing significant increases or decreases in liability, expected to be announced alongside the Budget.

Whilst the Valuation Office Agency has until 31 December 2025 to publish the Draft Rating List for 2026, it would be advantageous for businesses to release the information on the same day as the 2025 Autumn Budget or earlier. Ratepayers will then be able to utilise all the necessary information to estimate their rates liability for 2026/27. This information is key for businesses to be able to plan ahead, and it would put ratepayers in a very difficult position to delay. Industry Commentary

• The CBI and leading business groups have been vocal in calling for greater transparency in the rating system, noting that delays and uncertainty make long-term planning almost impossible.
• Property advisors have also argued that multiple multipliers are a step towards fairness, recognising the differing capacities of small enterprises compared to large corporate occupiers. However, some warn that complexity may increase administrative burdens, particularly for businesses with diverse property portfolios.
• The British Retail Consortium has highlighted that unless multiplier reform is coupled with meaningful relief or caps, the system may still deter investment in the sector at a time when recovery and innovation are critical.

Why This Budget Matters The 2025 Autumn Budget is more than a numbers exercise - it will be a litmus test of the new government’s commitment to business rate reform. Rachel Reeves has signalled that fiscal discipline will be a guiding principle of her tenure, but with rising costs, weaker consumer confidence, and sluggish productivity across key industries, the pressure is high. For many businesses, the detail of the Budget and the subsequent Draft Rating List will directly shape strategic decisions for 2026 and beyond: from store openings and relocations to investment planning and workforce commitments. We’ll be monitoring the announcements up to and on Budget Day closely and will provide a full breakdown once the Budget is published, with an update following the subsequent publication of the Draft Rating List for 2026 too.