Shabana Mahmood MP, Labour’s Shadow Exchequer Secretary to the Treasury, commenting on the government’s business rates review, said:

“Britain’s businesses need more than just a reannounced review. Labour will take immediate action by cutting and then freezing business rates for 1.5 million small business properties.

“We will also devolve to city and county regions 100 per cent of the additional business rates revenue generate by growth. This is part of our wider plan to devolve economic power and £30 billion of funding over a parliament.

“Labour’s better plan goes much further than anything David Cameron and George Osborne are offering. And unlike the Tories, we won’t short-change areas which choose not to have an elected Mayor by giving them a second-class deal. Every part of England will benefit from Labour’s better plan, not just a few.”