Labour has promised to overhaul the business rates system to help revitalise the High Street if elected in the UK general election.

The party has not specified what will replace the current business rates system but said reforms would level the playing field for High Street firms against online rivals.

The party first put forward a plan outlining how it wants to support Britain’s small businesses back in November, external.

Labour leader Sir Keir Starmer said that “hard-working small businesses have been held back”.

Business rates are a tax on non-residential property such as pubs, restaurants, warehouses, factories, shops and offices.

The amount businesses pay is based on how much annual rent could be charged on the premises - which is known as the rateable value.

Central government has a significant degree of control over business rates in England, but they are collected by local councils.

On Saturday, shadow chancellor Rachel Reeves told the BBC Labour “want to reform the business rate system in a way that reduces the costs for small businesses and high streets, ensuring that some of the big multinationals and tech companies pay their fair share”.

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