00:00I'm increasing the threshold for small business rate relief for retail, hospitality and leisure businesses from £12,000 to £18
00:09,000.
00:11That means 70,000 more businesses. I'm not just cutting their rates, I'm taking them out of paying business rates
00:19altogether.
00:21That means half of our shops, restaurants and gyms pay no business rates at all.
00:26And for all other businesses in these sectors, I will freeze their rates in real terms so that none face
00:34an above-inflation rise for the next two years.
00:38Madam Deputy Speaker, to pay for this support for our high streets, I'm raising taxes on gambling.
00:46By increasing machine games duty from 20% to 25% for higher-stakes machines, whilst protecting pubs and seaside
00:54arcades.
00:55I will carve out adult gaming centres and vape shops from business rates reliefs and extend the business rates transitional
01:04relief supplement for another two years.
01:07I'll be right back.
01:07I'll be right back.
01:07I'll be right back.
