In the Budget on 3 March, chancellor Rishi Sunak announced the current 100% business rates holiday for the retail and hospitality sector will be extended to the end of June, and will then be discounted for the remaining nine months of the financial year by two thirds, up to a value of £2m for closed businesses. It means that many medium and large-sized retailers, which typically pay well above £2m in business rates, will be slapped with hefty bills. Several fashion retailers did not realise the £2m cap was being placed on businesses as a whole, instead of per premises. “Implementing the cap per business rather than per property feels unfair, and retailers are likely to suffer the most from this,” the managing director of one fashion multiple said. “Rates are an overinflated cost that is payable regardless of how well they are doing.