As the hon. Gentleman said, that is currently being reviewed by an expert panel. I am sure that my right hon. Friend the Secretary of State for Housing, Communities and Local Government will go into more detail when he responds to the debate at close of business today.
We, as a Conservative party, understand the importance of owning your own home. As a Government committed to a fairer society, it is crucial that we address the divide between those who can afford their own home and those who cannot. Our first-home scheme will provide local people with a discount on the costs of a new home, which will save them tens of thousands of pounds. Our shared ownership reforms will provide a further route to home ownership. We will deliver at least 1 million more homes over the next five years to help more people on to the housing ladder. We will also put an end to the abuse of leaseholds by banning new leasehold houses and restricting future ground rents to a peppercorn.
No less important than people’s homes are the communities they live in. We are committed to keeping our town centres vibrant. We are changing the business rate system to give small retailers a bigger discount on their rates, as well as extending the discount to cinemas and music venues, and, importantly, introducing additional discounts to pubs. We will conduct a fundamental review of business rates and we will increase the frequency of business rates revaluations.
It is the Government’s intention to unleash the potential of every corner of England, Wales, Scotland and Northern Ireland by bridging the productivity gap, levelling up opportunity and prosperity across the nation, and starting a skills and infrastructure revolution. We will create more mayors across England to devolve power away from Westminster, and we will bring forward a framework for devolution and a White Paper.
I do not want to delay any further in getting straight on with the work of this challenging and ambitious agenda; an agenda that is driven by fairness and that will make a difference to more people, enabling them to look forward to a future with optimism and confidence. In Her Majesty’s Gracious Speech, we see the beginnings of a better Britain for everyone. I commend the Gracious Speech to the House.
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