A lot has happened to the economy since April 2008. As a result, commercial property rents have gone up in some areas and down in others, reflecting changing economic fortunes and patterns of demand and supply. The revaluation taking effect next month is designed to bring the business rates system in to line with these changes.

This is a good thing. If possible the Valuation Office Agency should revalue more frequently. Property taxes should be based on as up-to-date values as possible, to reflect changes in the economy and to avoid the sharp changes in values that occur when revaluation is delayed. We cannot let business rates fall into the same trap as council tax, where property values are already 25 years out of date, with little prospect of a revaluation any time soon.