My hon. Friend is absolutely right. This Bill is specific and closely drawn and, as I will go on to say, there are a lot of other challenges still outstanding for businesses and the communities in which they sit that the Government need to be working on as well.
We of course recognise how tough the last 20 months have been for so many businesses and the pain of the pandemic has impacted across the economy, but it has been particularly hard on small businesses, especially family-owned businesses which are anchored in their communities—businesses that have spent years, even decades, doing the right thing such as supporting their staff and investing in their skills, and putting back into the local area. There are countless examples of businesses who have always done the right thing, and who saw a downturn after they followed public health regulations and they closed.
I of course acknowledge the support that the Government provided for businesses during the pandemic —bounce back loans, VAT deferrals, rates relief, the furlough scheme, and the rents-based schemes—but too many businesses missed out on many of these schemes: those refused loans because their bank was not on the Government-approved list; or supply-chain businesses to sectors such as hospitality whose customers were required to close but they were not. They missed out.
Despite the relief schemes, many are still struggling; loans and VAT deferrals still have to be repaid, and those not yet making a profit are still required to pay their bounce back loan. Labour has sought to amend the rules so that a business has to repay its loan only when it is making money. The pain has been particularly hard on small independent businesses and family-owned businesses, which are anchored in their communities, and many sectors—such as the arts and events, and, particularly in the constituency of my hon. Friend the Member for Feltham and Heston (Seema Malhotra), travel and tourism—still face great uncertainty for months and years ahead.
On businesses that could not cope and had to close, in too many areas there are now vacant windows; there is no demand to take on the vacant premises. Of course the pandemic is not solely to blame for retail premises remaining vacant for long; the change in our shopping habits towards more online and less in-person has a major part to play, and in areas where a large proportion of people are impacted by the triple whammy of rising costs of living, the cuts to universal credit and the permanent or temporary loss of jobs, it is no wonder that retail businesses are particularly struggling when too many people have not enough money left over in their pockets at the end of the month.
The commercial rent arrears built up for businesses that had to close during the lockdowns are only one part of the challenge facing businesses across the country, so although we welcome the Government’s taking action through this Bill, there is still so much more that they could do. For a start, they must address our outdated business rates system, under which similar sized shops pay vastly different rates and revaluations.