Sir Alan Campbell

We do not just talk about small businesses being at the heart of our local communities. They are at the heart of what we do and our approach to these matters. That is why we have introduced permanently lower rates for retail, hospitality and leisure properties with a rateable value under £500,000, which is worth nearly £900 million annually and benefits three quarters of a million properties. The new relief rates are permanent, giving those businesses certainty and stability, and there is no cap at all, so that all qualifying properties will benefit. We recognise that there is a challenge in revaluation, which was instigated by the previous Government and is being carried out independently by the Valuation Office Agency. Some businesses have seen their values increase significantly since the pandemic, and I understand that some will be disappointed with the outcome of the Budget, but we are spending £2 billion this year to cap any increases for many businesses up and down the country. In terms of statements from Ministers, I have just read out the business for next week. We have the Second Reading of the Finance (No. 2) Bill, and I am sure the hon. Member and his party’s finance spokesperson will use that opportunity to raise these concerns further.