Baroness Scott of Bybrook (Con)

My Lords, I declare my interest as a vice-president of the Local Government Association. The Bill not only fails to deliver on the Government’s manifesto but is far from the reform of the business rates system that was promised and will be a damaging blow to our high streets. We have debated the numerous issues present in the Bill a number of times, and I remain exceptionally concerned about the higher multiplier that will undoubtedly hit anchor stores in town centres; the impact of the blunt £500,000 threshold on businesses with values close to that margin, which will affect their decisions about investment; and the Government’s decision to place a tax on education. We have urged them time and again to rethink, but they remain unmoved by our arguments and, more importantly, by the views of people and businesses across the country. I hope that anchor stores will not leave the high street and that this will not result in the destruction of our town centres, but the Government are making it more difficult for those businesses with this blunt tool, which will hit larger stores with higher business taxes. The Government have rejected even our amendments that would have allowed the Secretary of State to exempt certain businesses if this proved to be damaging, but they are so confident in this increase to business rates that they do not need that power to reverse these decisions. Only time will tell whether that confidence was misguided.