Member

I commented at Second Reading and will say again today that the OBR projection is that the take from business rates—the overall tax yield—will go from £26 billion to £39 billion in the space of five years. That is a pretty eye-watering sum. I think businesses know that, because the Treasury has got itself in a tight spot and is now so dependent on this model, and this model alone, to fund this section of local government finance, and is so fearful of going back and asking the real consumers of local government goods and services—often not the businesses but householders—that that they do not dare go that way. I agree that, in some circumstances, it might be seen as political annihilation at the next general election, but I can say that because I have no party-political stake to defend in this instance. However, it will mean that, if we are not careful, this imbalance will go on mounting up. Businesses are operated by people. They are not operated by some bot. Their stocking and warehousing may be operated by a bot, but the decisions are made by people, and they read what they see coming down the track here. We need to be aware of that.