Switch from RPI to CPI in 2018 will save sector about £211m over two years, but some hoped chancellor would freeze rates

Retailers have welcomed a change in the way business rates are calculated, which will save them an estimated £210m over the next two years.

After pressure from major high street names, the tax will switch from the retail price index (RPI) measure of inflation to the lower consumer price index (CPI) in 2018, two years earlier than expected. The Treasury said the change would save British companies £2.3bn over the next five years.

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