Traders have claimed soaring rental prices will see them miss out on Ed Miliband’s planned business tax windfall.

The Labour leader unveiled his key economic policy at the party’s conference at the Brighton Centre yesterday.

He claims their reversal of the planned Conservative business rates increases in 2015 would save small firms such as pubs and shops around £250 a year.

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But the tax cut would only apply to businesses with an annual rental value of less than £50,000.

Peter ‘Blue’ Dowd, who runs the Basketmakers pub in Gloucester Road, Brighton, said: “It all sounds very good but in reality not many businesses will benefit from it in central Brighton.

“I like to think of myself as a typical small business owner. I have two pubs, and neither would come under that £50,000 bracket.

“They would need to double it for round here.”

Eric Danot, who owns Bonsai Ko in Sydney Street, Brighton, added: “Taken at face value I’m generally for it but I can’t think it will apply to many businesses in the North Laine.

“To be honest, the savings sound like peanuts in comparison to what we pay.”

Others, meanwhile, welcomed the potential windfall.

Emily Kent, who runs Rainbow Flowers in George Street, Hove, said: “Any relief for small businesses would be great. I pay nearly £1,100 a month. It’s crippling. They say they want entrepreneurs to spearhead the recovery but there seem to be so many barriers.”

Labour claims it will make up lost revenue – thought to be some£790 million in the first two years – by axing a planned 2015 cut to corporation tax.

The leader of the opposition also used his keynote speech to announce his party would freeze gas and electricity bills for 20 months if elected.

He added he would raise minimum wage in line with inflation, support the call to give 16 and 17-year-olds the vote and ensure the building of 200,000 homes by 2020.

Nancy Platts, 2015 Labour candidate for Brighton Kemptown, described it as one of the most “positive and uplifting”

speeches she had ever heard.

However, Simon Kirby, Conservative MPfor Kemptown, said the planned business tax reshape was an “economicmuddle”.

He said: “At the Conference so far, we have seen the same old Labour policy of more borrowing and more debt which would undermine the growing recovery.”

Caroline Lucas, Green MP for Brighton Pavilion, welcomed the tax break but said the cut off point should be increased.

She said: “This would come at a cost to the Treasury, but it’s a progressive, fair approach and the costs could be met if the political will is there.”