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Rating (Empty Properties) Bill

I beg to move, That the Bill be now read a Second time. This is a short, specific Bill, but it contains a reform with important economic, social and environmental merits. The basis for that reform is twofold: competitiveness for UK businesses and the economy and efficiency in our use of land. All right hon. and hon. Members with an interest in the future of the UK economy, the protection of our green spaces or the efficient use of previously developed land to provide for housing needs will want to support this important reform. I hope that there will be all-party support and consensus this afternoon. I shall deal first with competitiveness. A series of recent reports by firms such as Jones Lang LaSalle, King Sturge and CB Richard Ellis have shown that the cost of property in the UK is high. Perhaps we should expect that to be the case in London, which is now the principal location for the financial services sector not just in Europe but worldwide. More strikingly and perhaps more surprisingly, the price of property—either industrial or for office firms—in cities such as Birmingham, Manchester, Leeds and Bristol is actually more expensive than in locations such as Manhattan, Madrid, Frankfurt and Singapore. Clearly, competitiveness in any modern global economy includes ensuring that incentives are properly aligned to offer good quality property at the right price—to new firms, to growing firms and also to firms that are looking to invest in our country.