In the Autumn Statement on Thursday, the government threw a lifeline to the UK’s long-suffering high street, with a package of measures designed to try and help struggling small shops, pubs, cafes and restaurants.

Small business owners with premises worth up to £50,000 will be able to get a discount of up to £1,000 on their business rates for the next two years, the chancellor said. He promised to limit rises in business rates to 2% and extended the small business rate relief scheme to April 2015. Also, businesses will be allowed to pay their rates in 12 monthly installments.

The chancellor also unveiled a “reoccupation relief” scheme to try and end the torment of empty shops which dominates many town centres, halving of business rates for entrepreneurs who set up shop in vacant stores. Currently, an average of one in six premises stands empty.

The chancellor also announced measures to help employees under the age of 21 by abolishing employer national insurance contributions for them, reducing wage bills of retailers of all sizes, which employ more people of that age than any other private sector industry.

Helen Dickinson, British Retail Consortium director general, said:
“The chancellor has recognised that businesses are suffering, and is right to listen to retailers’ concerns on business rates. The BRC has campaigned for a 2% cap and reform of the business rates system, and it is extremely welcome to hear it announced.

“With the additional measures on NI, retailers will be encouraged to do even more to support the aspirations of young people – 40% of all jobs for those under 20 are in retail, and this will help retailers provide secure career opportunities for young people.”