RISHI Sunak has welcomed cuts in business rates for hundreds of high street businesses in the Richmond constituency.

In Northallerton more than 80 town centre businesses will have their business rates cut and in Richmond more than 40 will benefit.

The move is a Government commitment to increase an existing business rates discount scheme from 33 per cent to 50 per cent in 2020/21.

Some businesses will benefit by as much as £3,500 a year.

The measures also include a £1bn Future High Streets Fund which is a targeted investment to help towns re-invent their high streets

The funding can be used to improve transport and access to town centres, convert empty retail units and invest in vital infrastructure.

Northallerton has been invited to bid for money under the scheme.

Mr Sunak, who was re-elected last week with an increased majority, said: “Our high streets need to adapt to the new retail world but existing businesses need help now and bigger business rates discounts will provide that.

“Taking Northallerton and Richmond town centres as examples, the vast majority of businesses will pay either much reduced rates or no business rates at all.”

Mr Sunak added: “During the election campaign I visited all our local high streets and market places and they are without exception looking beautiful. I would ask everyone to make sure they use the local shops and businesses we value.”

The existing Retail Business Rates Discount Scheme was first unveiled in the Autumn 2018 budget giving retail businesses with a rateable value of less than £51,000 a 33 per cent discount on their bills. The new plan increases the discount to 50 per cent and will also cover a wider variety of businesses.

Graham Bell of Northallerton BID said: “This is very welcome news for the Northallerton business community.

“These are challenging times for the high street and any help to reduce the tax burden would be hugely appreciated.”