Rachel Reeves Eyes Business Tax Reforms to Boost UK Growth

Rachel Reeves, Britain's finance minister, announced her intention to reform business property taxes to aid small business expansion. Reeves aims to promote growth amid fears of tax increases and inflation.

Her strategy includes smoothing tax rate hikes for expanding small firms, with details to be unveiled in the upcoming budget. The move targets eliminating sudden property tax increases and enhancing reliefs for property improvements.

Helen Dickinson of the British Retail Consortium responded positively, but urged clarity on promised reductions for retail, hospitality, and leisure sectors, which remains pending until the budget announcement.

(With inputs from agencies.)