Member

The noble Baroness, Lady Neville-Rolfe, asked several questions around the wider system and the other SI that we are debating. As she knows, the new multipliers will replace the temporary pandemic era retail, hospitality and leisure reliefs. They are worth nearly £1 billion per year. They will benefit over 750,000 properties and will be funded by higher rates on the top 1% most expensive properties. When combined with the outcomes of the business rates revaluation, the tax rate that retail, hospitality and leisure properties on the small business multiplier will pay next year will fall by nearly 12 pence. Similarly, the rate for retail, hospitality and leisure properties on the standard multiplier will fall by 12.5 pence, compared to what they are paying now.