Britain to proceed with revaluation of business properties -UK's Hunt

Britain will proceed with the revaluation of business properties from April 2023 to calculate business rates, finance minister Jeremy Hunt said on Thursday.

"But I will soften the blow on businesses with a nearly 14 billion pound ($16.6 billion) tax cut over the next five years," he told parliament during the presentation of his autumn statement.

He said nearly two thirds of properties will not pay more in business rates next year and thousands of pubs, restaurants and small high street shops will benefit. ($1 = 0.8452 pounds)