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Lord Khan of Burnley (Lab)

Speaking in the House of Lords on 24 February 2025

Debate

Non-Domestic Rating (Multipliers and Private Schools) Bill

Contribution

My Lords, on that specific point about criteria, I want to be clear that we have had a one-year ad hoc system and we are trying to build a sustainable system, which will have a three-year rating on non-domestic properties. We want to see how we will get there when we see what the situation is in the fiscal climate; that will be a big part of addressing how the Treasury will set the multipliers. The Bill is not about setting multipliers. It is up to the Treasury to set those. I will come back to the impact in a moment. In relation to the different level of multipliers, of course it is a complex system. However, the highlight of what we are trying to do is to have a sustainable system that funds itself and, by asking less than 1% of properties to shoulder a bit more, ensures that we support the high street and properties of low valuation. We are trying to have an equitable system that is sustainable and can pay for itself. We recognise that there are different scenarios and situations but, ultimately, we want to ensure that the system is much fairer than it is now and creates more certainty.

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