Part of the debate – in the House of Lords at 3:31 pm on 1 March 2017.
My Lords, there are quite a few questions there. The point that the noble Lord made about the high street and other forms of business activity has some merit, but it is quite separate from the issue of revaluation, which is done at arm’s length. We are open to looking at options, but obviously it will take time and we could not expect to do anything on this before the Budget. As the noble Lord will be aware, the Treasury did look at this in 2015 and, having consulted widely, concluded that the present system was best. However, I appreciate that globalisation, the internet and the vitality of the high street are factors that have to be weighed in the balance, so we are happy to look at this. The noble Lord asked a few other questions. If I may, I will respond to him in writing on those and put a copy in the Library.