Business Rates: Retail, Hospitality and Leisure

Debate between Baroness Foster of Oxton and Lord Livermore

Tuesday 20th January 2026 Lords Chamber

[Lord Livermore (Lab)]

That is an excellent question. Of course, we have separate strategies for the retail, hospitality and leisure sector. With the industrial strategy, we are trying to do something different from what that strategy is doing. Just because a sector is not in the industrial strategy, that does not mean we do not value that sector extremely highly and do all we can for it.

[Baroness Foster of Oxton (Con)]

My Lords, there are many charity shops in the high streets across this country. They receive 80% mandatory relief and often up to 100% discretionary. Many of these charities are actually multimillion-pound businesses. Notwithstanding the pressures on the high street and the pressures on small businesses, obviously, with these forthcoming increases, does the Minister agree that perhaps it is about time that we looked into this issue to make sure that those on the high street are paying a fair rate for their business rates?

[Lord Livermore (Lab)]

I do not disagree with what the noble Baroness says. It is very important to say that we are fundamentally reforming the business rates system by introducing permanently lower business tax rates for more than 750,000 retail, hospitality and leisure properties, funded by a higher rate on the most valuable properties. I think that is absolutely the right thing to do.

Budget: Press Briefings

Debate between Baroness Foster of Oxton and Lord Livermore

Tuesday 18th November 2025 Lords Chamber

[Lord Livermore (Lab)]

As I have said several times already, I am not going to comment on the ongoing Budget process.

[Baroness Foster of Oxton (Con)]

My Lords, following the Chancellor’s climb-down on increasing income tax, £27 billion was wiped off the FTSE 100 on Friday. Does the Minister think that that was helpful?

UK Economy: Capital Gains Tax

Debate between Baroness Foster of Oxton and Lord Livermore

Wednesday 9th October 2024 Lords Chamber

[Lord Livermore (Lab)]

Yes, we have given that commitment. There will be one autumn Budget every year.

[Baroness Foster of Oxton (Con)]

My Lords, the Financial Times with a freedom of information request asked for details of the so-called £22 billion black hole. The Chancellor and the Treasury have declined to reply. Can the Minister please share with us the details of this £22 billion black hole?

[Lord Livermore (Lab)]

I am very grateful to the noble Baroness for giving me another opportunity to remind the House of the £22 billion black hole that was concealed by the previous Government. I am grateful to her for letting me remind the House whose mess this was in the first place that this Government now need to clear up. I am sure all noble Lords will be interested to hear that the £22 billion black hole consists of a £6 billion overspend on the asylum system that the previous Government concealed from the Office for Budget Responsibility and from this Parliament. It consists of £3 billion of uncosted commitments on road and rail projects. They overspent the reserve three times over just three months into the financial year and at no point did they tell any Member of this House or the other House or the Office for Budget Responsibility. The Office for Budget Responsibility has confirmed that and has established a reviewed to ensure that it cannot happen again.