Rishi Sunak confirms that the business rates holiday will be extended through to the end of June.
“For the remaining nine months of the year, business rates will still be discounted by two thirds, up to a value of £2m for closed businesses, with a lower cap for those who have been able to stay open,” he says.
On VAT, he also confirms the 5% reduced rate of VAT will be extended for six months to 30 September followed by interim rate of 12.5% for another six months.
The standard rate will not return until April next year.
The chancellor says this makes for a £5bn cut in VAT.
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