Delivering his first budget today, Sunak launched the long-promised fundamental review of business rates that will report in the autumn. A call for evidence will also be published in the spring.

The government confirmed that it would put in place temporary measures that would remove business rates for all businesses with a rateable value of £51,000 to help them survive the economic effects of the coronavirus outbreak.

Sunak also extended this to all leisure and hospitality businesses under the threshold, in a tax cut he said would be worth £1bn.