The Government will introduce a new business rates ‘surtax’ on larger commercial properties worth £500,000 or more.

Supermarkets are among those who have been dealt a blow in the Budget as the Chancellor confirmed they will face a jump in business rates amid warnings the move could push up food prices for shoppers.

The Government will introduce a new business rates “surtax”, which will mean many larger commercial properties worth £500,000 or more will face a higher rate of the property tax in order to help fund a permanent discount for smaller retailer, leisure and hospitality firms.

It marks an apparent U-turn after it was widely reported that supermarkets were expecting to be made exempt from the higher level after criticism from industry bosses.

Marks & Spencer had earlier said prop

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