Business rates revaluation

That this House notes that businesses will see their rateable values recalculated as part of the business rates revaluation; expresses serious concern that the resulting increases in bills for many companies risk placing unsustainable pressure on high streets, town centres and small businesses, particularly the hospitality industry; believes that these changes will contribute to business closures, job losses, reduced investment and higher prices for consumers; and calls on the Chancellor of the Exchequer to undertake an urgent review of the impact of the forthcoming revaluation, and to bring forward mitigating measures to ensure the business rates system does not unfairly penalise productive enterprise or undermine local economies.