Retailers have breathed a sigh of relief after changes to their business rates bills in the budget were not as bad as feared, after the industry had warned for months that more punitive measures could lead to shop closures and jobs losses .

The chancellor, Rachel Reeves, on Wednesday revealed plans to permanently reduce business rates for retail, hospitality and leisure properties – although the discounts are not as generous as those that have been in place since the pandemic. About 750,000 properties in those sectors will see their bills set below the current standard level, with deeper discounts for smaller operators, according to the government.

Businesses are still calculating what their ultimate bills will be, but the global tax firm Ryan calculated that there are 3,480 retail pro

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