Labour Promises to Scrap UK Business Rates in ‘Biggest Overhaul in a Generation’

UK Labour Party leader Sir Keir Starmer (R), shadow chancellor Rachel Reeves, and Hove MP Peter Kyle during a visit to businesses in Hove, East Sussex where they met shop keepers and local people before attending the second day of the Labour Party annual conference in Brighton on Sept. 26, 2021. Stefan Rousseau/PA

The Labour Party will promise to scrap business rates as part of a dramatic overhaul of the taxes paid by firms.

Shadow chancellor Rachel Reeves is set to announce that a Labour government would immediately cut the business tax, before eventually phasing it out completely.