November 22, 2017 / 1:49 PM / a year ago

UK to reduce planned rise in business rates - Hammond

Britain's Finance Secretary Philip Hammond leaves Downing Street on his way to deliver his budget statement to parliament, London, Britain, November 22, 2017. REUTERS/Peter Nicholls

LONDON (Reuters) - Britain will reduce a planned rise in business rates by changing the indexation through which the tax was calculated, finance minister Philip Hammond said on Wednesday during his budget speech to parliament.

“I will accept the representation of the British Chambers of Commerce, CBI and other business organisations and bring forward the planned switch from RPI (Retail Price Inflation) to CPI (Consumer Price Index) by two years, to April 2018,” he said.

Hammond said the move was worth 2.3 billion pounds ($3 billion) to businesses over the next five years.

Reporting by James Davey; editing by Stephen Addison

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