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Business Rate Supplements Bill

I welcome the degree of interest in the Third Reading expressed by those on the Government Benches. The level of serious scrutiny given to the Bill by Members from all parties is very welcome and is important to the House. We have benefited from the contributions of Members representing areas in the north and the south, Members representing both rural and urban constituencies and, indeed, those from London and from well beyond it. The Bill introduces a discretionary power for upper-level local authorities and, in London, the Greater London Authority to levy a limited supplement to the business rate to fund projects intended to promote economic development. We are not imposing a new business tax; we are introducing a new power to allow local authorities—with serious safeguards for business—to raise some of the money that they need to boost their local economies. London is a leading example of that principle, and of the purpose of the new power. The business rate supplement in London will enable the Mayor to make good his commitment to an essential part of the funding package and allow Crossrail to go ahead. It will boost recovery in this part of the country and long-term growth in London.