Baroness Taylor of Stevenage (Lab)

Debate

Contribution

I was tempted to ask whether my noble friend wanted to answer the Question rather than me; I am sure he knows a great deal about high streets. I thank him for his support for the new business rates multipliers announced at the Budget. The new multipliers replace the temporary relief that has been winding down since the pandemic. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability. There will be no cap, meaning that all qualifying properties on high streets across England will benefit. The Government are introducing a higher rate on the most valuable properties, which he rightly pointed out should and will include large distribution warehouses, such as those used by online giants. The high-value multiplier is 33% more than the multiplier for small RHL properties. We are carefully considering representations to the call for evidence, which asks for much more detailed evidence on how the business rates system influences investment decisions. I hope that will result in some movement on business rates.

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