Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the proposed higher multiplier for business rates on (a) The Underworld, (b) Soul Mama and (c) other grassroots music venues with a rateable value of over £500,000.

Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)

As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure properties with rateable values (RVs) below £500,000, including grassroots music venues, from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support. The Government is sustainably funding this by introducing a higher multiplier on properties with RVs of £500,000 and above.

The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes, as well as the broader economic and fiscal context into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.

Question to the Department for Education:

To ask the Secretary of State for Education, what steps she is taking to improve the assessment of the value for money of Government funding for universities.

Answered by Josh MacAlister - Parliamentary Under-Secretary (Department for Education)

The government has commissioned the Institute for Fiscal Studies to update their 2020 research report on the impact of undergraduate degrees on lifetime earnings, and this will be published in early 2026.

The 2020 research suggests that higher education (HE) yields a positive financial return to both the graduate and the exchequer for the majority of graduates over their lifetime. Previous graduates are estimated to be over £100,000 better off on average in real terms by going to university after taxes, student loan repayments and foregone earnings are considered.

Whilst the department recognises not all HE qualifications are associated with high salaries, we want all HE providers to equip their students with the skills they need to progress to good jobs they find rewarding.

The government will continue to work with the Office for Students, empowering it to hold HE providers to account for the quality of students’ experiences and the outcomes they achieve.

Found: Chi Onwurah (Chair); Emily Darlington; Dr Allison Gardner; Kit Malthouse; Dr Lauren Sullivan; Adam Thompson

Found: Q30 Adam Thompson: Grand.

Found: Members present: Dame Chi Onwurah (Chair); Emily Darlington; Kit Malthouse; Dr Lauren Sullivan; Adam Thompson