Member

It is important to note that the precise increase in bills next year and future years of this rating list will vary depending on the individual circumstances of each ratepayer and, in later years, inflation. However, the caps in the scheme ensure that large increases are moderated, providing ratepayers time to adjust to their new bill as opposed to seeing a very large increase on 1 April. Taken with the other measures announced at the Budget, the Government’s intervention on business rates will ensure that most properties seeing bill increases next year will see them capped at 15% or less, or £800 for the smallest properties. Transitional relief is calculated and applied automatically by local government; ratepayers do not have to apply for it. I hope noble Lords will therefore join me in supporting the draft regulations. I beg to move.