Land Covenants: Supermarket Chains
Debate between Lord Stockwood and Lord Watts(1 week, 6 days ago)
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Lord Stockwood (Lab)
Taking a broad perspective on the question, I came into government to support the pro-business agenda. What the Government are trying to enact is the ability to stabilise the economy based on fiscal rules, to create an investment environment that is investable from all parts of the market, and then, importantly, to look at regulation to enforce that fairness and sense of competitive tension. The Government are committed to reforming the business rates regime, and that work has already begun. At the Budget, the Chancellor announced a permanent 5p cut in the business rates multiplier for over 750,000 retail, hospitality and leisure properties, which is also funded by the higher tax rate for the most expensive 1% of properties. We continue to take feedback to try to create the right fiscal conditions for businesses to be able to thrive.
Lord Watts (Lab)
My Lords, like most regulators, this one is failing the general public. Do we not need to review all our regulators to make sure that they are doing the job that they are supposed to do? If the legislation needs strengthening, then strengthen it—but also hold the regulators to account for the work that they do.
Employee Car Ownership Schemes
Debate between Lord Stockwood and Lord Watts(2 months, 1 week ago)
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Lord Stockwood (Lab)
As the owner of an EV, I have a vested interest in this. The taxation of motoring is a critical source of funding for public services and investment infrastructure, including the upkeep of our roads. Fuel excise duty is £24 billion to the national tax take, and it is important, as we transition to our climate change initiatives, that we balance this fairly so that everyone who uses the roads pays their equal share. Historically, motoring taxation has been structured around two elements: taxation on usage of the vehicle and taxation on the ownership of the vehicle. This transition means that all vehicles shall contribute fairly to the wear and tear of the roads, but drivers of petrol and diesel will pay fuel duty, whereas drivers of electric vehicles will not pay the current equivalent. I refer noble Lords to the Government’s policy on the specifics of how that shall be taxed and taken.
Lord Watts (Lab)
Mr Lords, this is a difficult time for the British car industry and it is a welcome announcement that this matter has been put off for some time. Will the Government continue to monitor car production problems in the car industry and review whether this policy should be implemented at the appropriate time?
Lord Stockwood (Lab)
I thank the noble Lord for the question. As I stated previously, as part of our modern industrial strategy we are committed to the automotive sector. Our ability to defer the start date for this particular policy shows that we are in open dialogue. We will continue with that dialogue.