The Labour Party will promise to scrap business rates as part of a dramatic overhaul of the taxes paid by firms. Shadow chancellor Rachel Reeves is set to announce that a Labour government would immediately cut the business tax, before eventually phasing it out completely. But she will also commit to closing loopholes that allow some firms to avoid tax, promising to abolish measures that do not provide an economic benefit. The move comes as Labour seeks to get its conference back on track following internal rows over party rules, criticism of Sir Keir Starmer after he ruled out nationalising energy giants, and the fallout from Angela Rayner’s attack on the “scum” in Boris Johnson’s Cabinet. Labour will focus on economic issues on Monday, with a focus on a looming cost of living crisis as well as Reeves’s taxation reforms. In her set-piece speech, Reeves will say: “Our high street …