Covid-19: Furloughed Space Grant Scheme

Lord Kirkhope of Harrogate Excerpts

Monday 15th June 2020 Lords Chamber

[Baroness Penn]

The noble Baroness will be aware that local authorities are obliged to borrow and invest with caution and prudence. On borrowing to invest in social housing, of course this Government have released the cap on borrowing to invest in precisely that.

[Lord Kirkhope of Harrogate (Con) [V]]

My Lords, I refer to my interests as set out in the register. Even without the Covid crisis, does my noble friend agree that the trading position of many of our high streets has become problematic? Will the Government consider amending the proposed business rates holiday to benefit property owners with vacant premises by extending the current short exemption period while new tenants are found for those premises?

[Baroness Penn]

The noble Lord is right to say that we need to do more to support our high streets. That is why we have a £1 billion Future High Streets Fund. On business rates, the Government committed to and published the terms of reference for a fundamental review of business rates in the March 2020 Budget.