§ There is one further matter concerning land and housing. The Government are to take action to help those domestic ratepayers who face big increases in rates due to revaluation. Revaluation itself is both fair and necessary, but because the 1968 revaluation was shelved, the relative changes in the rateable values of different properties are much bigger this year than a quinquennial revaluation would normally have produced.
§ After discussion with the local authority representatives, the Government therefore propose to phase the effects for those hardest hit by meeting half the cost above 10 per cent. of any increases in domestic rate bills in 1973–74 which are attributable solely to the effects of revaluation We are assured that the local authorities can readily implement this. The cost to 269 the Exchequer is estimated to be at least £10 million.
§ The Government have already agreed to provide Rate Support Grant in England and Wales at a level higher than ever before, and have done so particularly to ease the position of the domestic ratepayer. The additional help I have just announced will help those hardest hit by revaluation. There will be a proportionate addition to Rate Support Grant in Scotland.
§ My right hon. Friend the Secretary of State for the Environment will be amplifying this later today.