One reason that we have asked the Law Commission to undertake the review is to ensure that we deliver in the most appropriate way, but I am
happy to follow up separately with the hon. Member on hope value, because it is something that we will come to in the future.
The hon. Member for Westmorland and Lonsdale (Tim Farron) and I had a great time in Committee during the few days that I was there in my role as Minister. It was always incredibly good natured, and I thank him for that. He spoke on new clause 46, as did the hon. Member for North Shropshire (Helen Morgan), which is on business rates reform. As both hon. Members are no doubt aware, the Government recently conducted a business rates review, and the report was published at the time of the 2021 autumn Budget. A package of reforms announced then was worth £7 billion over five years. In the autumn statement incredibly recently, the Government went even further and announced a broad range of business rates measures worth an estimated additional £13.6 billion over the next five years, including freezing the multiplier. The Chancellor of the Exchequer also announced the extension of the retail, hospitality and leisure relief scheme, and a transitional relief scheme for the 2023 valuation.