§ 51. Mr. Stokesasked the Chancellor of the Exchequer whether he is aware that the rateable value of the Stag Brewery, Pimlico, is £6,438; and whether he is satisfied that this valuation bears a proper relation to the land value of the 7.9 acres occupied by the brewery and offices.
§ Mr. R. A. ButlerI understand that the present rateable value is £6,845. Rating law does not require a separate valuation of the site and none has been made.
§ Mr. StokesI know, but that is not an answer to the Question I asked. Is the Chancellor aware that as long as 25 years ago land in the neighbourhood was sold at £100,000 per acre, which would make this site then worth more than £800,000? Is it not quite absurd that the rateable value should be very nearly less than half of 1 per cent., taking into consideration the value of the land as well as the buildings? Surely there must be something wrong with the whole rating system.
§ Mr. ButlerI cannot go further than saying that the rating law does not require the separate valuation of the site. On the general question of revaluation the right hon. Gentleman will be aware that revaluation is at present not only under active consideration but is the subject of action.
§ Mr. StokesI know, but can the Chancellor say when he is going to do something about it because many Governments have evaded this issue for quite a long time?