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Supermarkets such as Aldi, Lidl, Tesco and Asda are preparing for a tax hike after the Treasury decided to reverse its position on business rates ahead of the Budget statement today.

Officials from the Treasury have already told giants across the country that large retail areas will be hit with a new higher tax rate, even though many believed the grocers could be excluded.

The Treasury's decision impacts premises with rateable values which go beyond £500,000, which is a large proportion of stores in the UK.

This U-turn comes as a blow to supermarket giants as retail executives previously had assurance the Treasury would exempt the larger shops from the increased rates in October, GB News reported.

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