article_snippet: Business rates are forecast to raise £22.4billion in England in 2014-15, from 1.8million non-domestic properties.
article_snippet: In my opinion, the current system of business rates has not kept pace with the needs of a modern economy and changes to our town centres,’ the Chancellor said.
article_snippet: Business rates are currently calculated according to the rental value of the property a company uses.
article_snippet: Last year, MPs on the Business, Innovation and Skills Committee suggested the rates system should be ‘based on sales rather than the rateable value of a property’.
highlights_snippet: Business rates are forecast to raise £22.4billion in England in 2014-15 .