High Streets and Towns: Regeneration

Lord Bellingham Excerpts

Wednesday 18th March 2026 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

I was tempted to ask whether my noble friend wanted to answer the Question rather than me; I am sure he knows a great deal about high streets. I thank him for his support for the new business rates multipliers announced at the Budget. The new multipliers replace the temporary relief that has been winding down since the pandemic. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability. There will be no cap, meaning that all qualifying properties on high streets across England will benefit. The Government are introducing a higher rate on the most valuable properties, which he rightly pointed out should and will include large distribution warehouses, such as those used by online giants. The high-value multiplier is 33% more than the multiplier for small RHL properties. We are carefully considering representations to the call for evidence, which asks for much more detailed evidence on how the business rates system influences investment decisions. I hope that will result in some movement on business rates.

[Lord Bellingham (Con)]

My Lords, the Minister will be aware—obviously, because it has been discussed already—that pubs are a vital part of the high street. Is she also aware that, since Labour came to power, on average one pub per day has closed? A total of 10,000 jobs have been lost in pubs and hospitality. This Government came in on an agenda for and a commitment to growth. What has gone wrong?

[Baroness Taylor of Stevenage (Lab)]

We do have an agenda for growth, but we are having to tidy up the mess that was left behind before we can achieve it. We are introducing the hospitality support fund, which has been more than doubled to £10 million over three years, helping over 1,000 pubs to diversify, boost productivity and support people into hospitality jobs. Those measures sit alongside business rates support and the wider planning and licensing reform that we have introduced.