A two-year delay in the usual five year interval has caused businesses in prosperous areas to see onerous rises in their rates, while other areas of the country have seen substantial cuts.

In 2012, the decision was made to push back the current revaluations process from its originally scheduled date of 2015, leading to a seven-year gap between revaluations. During that period, property values, upon which business rates are based, changed dramatically.

While Philip Hammond said he could not abolish the rates, which generate £25bn per year for local authorities, he confirmed three measures to help affected businesses.

The first measure means business losing small business rate relief will see their bill increase in 2018 by no more than £50 a month.

The second measure will see 90% of local pubs have a £1,000 discount on their business rates bill, while the third establishes a £300m fund for local councils to offer discretionary relief for hard-hit cases.

A £3.6bn transitional relief fund is also in place to help affected businesses adjust to the new rates, which come in on 1 April 2017.

More details to follow.