My Lords, first, I thank the noble Lord, Lord Beecham, for his support and for the sterling job the noble Lord does in representing the voice of the people of that area.
That said, this is something from my experience in local government. I know that when I served as a councillor, we lobbied long and hard to ensure that local authorities that work hard to attract new income
and businesses into their area were allowed to retain and reap the rewards of their efforts in retaining business rates.
The noble Lord, Lord Beecham, as ever, reminds us that there are issues around the levy. I note what he said about the 7.5% safety net regulation, and I am sure that we will return to discussions on that. I am minded of the total support for the specific regulations and am thankful for the support of the Committee.