Mr Hammond’s spokesman stressed he has no day-to-day input into the firm. So what? He still profits from it.

All in it together, eh?

Yes, Philip Hammond’s firm – Castlemead, based in Wrexham – will pay 10.9 per cent less every year in business rates, due to a revaluation he announced in his budget.

That’s a clear conflict of interest, isn’t it?

Sure, he may currently have no day-to-day involvement, and his stake may be controlled by a trust, but he is still the person who will profit most from the rate cut that he has instigated.

Note also that former Chancellor George Osborne’s family business has also enjoyed a business rate cut.

Meanwhile, firms owned by people who are not members of the Tory Government – located on the same streets as those of Hammond and Osborne – will struggle to pay crippling increases planned by Mr Hammond.

So, yes, it seems the Conservatives have indeed been all in it together…

For themselves.

Chancellor Philip Hammond’s property firm has been handed a business rates cut of more than £12,000 over the next five years, as the Government hits thousands of other companies with crippling hikes.

Castlemead – the housebuilder and care homes developer set up by Mr Hammond – will pay 10.9% or £2,472 a year on average less under next month’s controversial revaluation according to figures compiled for the Press Association.

Self-made millionaire Mr Hammond still owns a controlling interest in Wrexham-based Castlemead, which will see its annual head office rates bill drop by £12,361 over the next five years, data from business rent and rates specialists CVS reveals.

It was revealed last week by the Press Association that former Chancellor George Osborne’s family wallpaper firm is to enjoy a business rates cut of more than £3,400 a year for its showroom in London’s swanky King’s Road, while shops, pubs and restaurants on the same street are facing eye-watering increases.

Mr Hammond’s office remained tight-lipped on Castlemead’s rates cut, but a spokesman said the Chancellor “has no day-to-day involvement in Castlemead”.

Since becoming a government minister, his stake has been controlled by an onshore discretionary trust. While the business is not run on a day-to-day basis by Mr Hammond, he is still the main beneficiary.

Source: Chancellor’s firm enjoys business rates cut while others suffer massive hike

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