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However, I think that it would be preferable for the start of the period to begin not on the date of royal assent but on the date of the opt-out system’s introduction.
That rate spans the deals that have been closed across the programme to date, and as you would expect, the LIBOR rate has also moved around over the same period.
However, business rates currently account for just 2 per cent of turnover for the largest retailers, and even during the recession the supermarkets have reported higher profits.
It might allow for a full revisiting of the policy at a later date, and it would get David Cameron and the UK Government out of a hole, because we would not be pushing on a wall that could collapse on us.