At the Budget, the Valuation Office announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic. In recognition of the impact of this reevaluation, the Government has introduced a support package worth £4.3 billion to protect against ratepayers seeing large overnight increases in bills. The Government has also started the work of reforming the business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties, including many sporting venues. Unlike Retail, Hospitality, and Leisure Relief, the new multipliers are permanent, giving businesses certainty and stability, and there is no cap, meaning all qualifying properties on high streets across England benefit. As a result of these measures, over half of ratepayers see no bill increases this year, including 23 per cent whose bills go down. Furthermore, most properties seeing increases have them capped at 15 per cent or less this year, or £800 for the smallest. When designing these policies, the Government considered a range of evidence on the impact they would have on different types of properties.