§ Mr. Craigen, asked the Chancellor of the Exchequer what would be the cost of abolishing the rating system in the United Kingdom.
§ Mr. KingI have been asked to reply.
If the entire rating system in the United Kingdom were abolished the cost, in revenues forgone to the public sector, would be around £6.8 billion this year. If only domestic rating were abolished the revenues forgone—not including domestic rate relief and rate rebates which are rate income forgone at present—would be £2.8 billion this year.