Danny Alexander has launched what the government calls "the most wide-ranging review of national business rates in a generation".
The review, set to report back before the 2016 Budget, will examine the structure of the current system, which is paid annually on 1.8 million properties in England.
Labour has said it will "cut and then freeze" business rates for 1.5 million small business properties if it wins the next General Election.
Shabana Mahmood, shadow exchequer secretary to the Treasury, said: "Labour's better plan goes much further than anything David Cameron and George Osborne are offering.
"And unlike the Tories, we won't short-change areas which choose not to have an elected mayor by giving them a second-class deal. Every part of England will benefit from Labour's better plan, not just a few."
Mahmood's comments follow the Chief Secretary to the Treasury's announcement of a "radical" review of English business rates.
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.