John Healey is the new chancellor of the exchequer, having previously resigned as Sir Keir Starmer's defence secretary just over a month ago.

The Federation of Small Businesses (FSB) said it hopes Mr Healey will undo the changes made by Ms Reeves to business rates, which have added thousands of pounds to many firms’ bills each year.

John Healey, the new chancellor of the exchequer (Image: Stefan Rousseau/PA Wire)

Rachel Reeves was sacked as chancellor by the new prime minister Andy Burnham this week (Image: Luke Jones/PA)

Hospitality businesses have been hit hardest by the changes due to a combination of a revaluation of the rateable value of properties, used to calculate business rates bills, and the end of the 40pc Covid-era relief on rates for the hospitality industry in April.

The FSB also called for the government to address “spiralling employment costs” for firms, caused by “catastrophic” hikes to employers’ national insurance contributions and increases to the minimum wage.

Candy Richards, who represents the FSB in East Anglia,........

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