Business Rate Supplements Bill

I beg to move, That the Bill be now read a Second time. We are living through a time of great economic upheaval and uncertainty, global in its origins but local in its impact on businesses and communities right across Britain. We in Government are committed to doing what we can to help people through these tough times and to prepare for the upturn that will follow. Actions such as recapitalising the banks, targeted tax cuts, loan guarantees, programmes of public spending and support for jobs are necessary measures for the present. But even as we take action to cushion the blows of recession, we are also looking to the future. We do not want to make the mistakes of previous recessions by not continuing investment in major projects, in skills and in business support and by not putting in place policies that may help local areas to recover more rapidly and take more advantage of the upturn when it comes. The Bill is part of the policy framework needed to prepare for the other side of the downturn. Let me be clear with the House from the outset. We are not imposing a new business tax, but introducing a new power to allow local authorities—with strong safeguards for business—to raise some of the money needed to boost local business and the local economy in the longer term.