Lord Jamieson (Con)

I am dreadfully sorry; I apologise to the noble Baroness, Lady Thornhill. Can we have that officially minuted? I share those concerns. The key point is that we need something that works. I wish to point out that upward-only rent reviews are nowhere near the biggest problem facing businesses up and down the high street. They are contending with devastating increases in business rates and are facing increased regulation, increases in national insurance charges and the effects of changes to the minimum wage. Although we would all like a higher minimum wage, it must be affordable. The Government’s solution—tearing out a long-established market measure without proper consideration, without careful engagement with the sector and without understanding the consequences for investment and lending to commercial markets—is a high-risk strategy. The question today is not whether commercial tenants deserve fair terms—they do—but whether the proposal before us is the right one. There are too many uncertainties and risks that have been left unaddressed. We will seek to revisit this issue on Report. I hope that, by then, the Government will have reflected on the concerns raised today and will come forward with proposals grounded not in assertion but in evidence, balance and economic reality. In the meantime, I beg leave to withdraw my clause stand part notice.