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Chancellor Rachel Reeves' planned business rates shake-up could put 120,000 jobs at risk, retail and hospitality groups have warned.

Ahead of her Autumn Budget on November 26, financial experts have been predicting tax rises to help fill a £40 billion hole in the public finances.

One will be a reform for business rates to the tune of £1.7 billion.

Due to come into effect in April 2026, it will target around 5,000 large commercial properties worth more than £500,000.

The British Retail Consortium and UK Hospitality have warned that this could lead to the closure of 500 sites, putting over 100,000 jobs at risk.

Helen Dickinson, chief executive of the British Retail Consortium, said: "Introducing a business rates surtax would only add to inflationary pressures, leading to sto

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