“Businesses across the UK are facing unprecedented cost pressures and we are pleased the Chancellor has listened to the BPF, frozen the business rates multiplier and introduced further reliefs, to help prevent a tide of insolvencies on the high street. Many high street businesses have been paying artificially high rates bills for years and the Chancellor has recognised this is simply not sustainable.

“The Government rightly remains committed to levelling up and to delivering the homes we need across the country and we are pleased to see the retention of investment zones.   The BPF has been working with a number of local authorities to develop a model for Town Centre Investment Zones and we look forward to sharing our work and building on it with the Government.  

“The reforms of Solvency II have the potential to unlock further institutional investment but we need to be bolder in creating new models for public-private partnership and investment if we are to deliver local infrastructure and transform town centres whilst tackling climate change.

“Moreover the lack of necessary investment in local authorities and continued uncertainty about planning reform are a fundamental risk for the Government’s ambitions for levelling up and we hope Michael Gove will address this in his statement later today.”