Retailers await George Osborne to reveal business rates review in Budget

George Osborne is due to reveal details of the review in his Budget speech in Parliament today. The Chancellor had promised to announce last year plans for reforms, but the review has been delayed.

However, Government sources have told the industry not to get over excited, according to reports.

Osborne has already said any reform must be “fiscally neutral” and economists believe he will have to admit this week he has missed his targets for cutting the deficit by £5bn.

However, Tesco chief Dave Lewis has warned the Government that if it does not overhaul the rates system, then retail jobs will be under threat.

The Confederation of British Industry has urged the Government to base business rates on the Consumers Prices Index, instead of the Retail Prices Index.

For full coverage of the Budget, check Retail-week.com later today.