“Business rates… was nationalized in 1990, right? So we're talking 35 odd years ago. And we're still stuck with that same principle of taxing businesses on property. So pre-internet… This is how I describe it. It was during the time of Ask Jeeves… So about a fifth of sales are done online. And that's not reflected in the business rates.”

to do is simplify business rates. So business rates was established long before the 1990s, but it was nationalized in 1990, right? So we're talking 35 odd years ago. And we're still stuck with that same principle of taxing businesses on property. So pre-internet. Pre-Hotmeal. This is how I describe it. It was during the time of Ask Jeeves. Remember Ask Jeeves? Yeah. So early internet, demon internet. Yeah. And you were, you thought you were great if you had Hotmail accounts. Pre-Google. I've still got the same Hotmeal account I set up then. I was so proud of it. And pre-Google, pre-all of that. And so over 35 years, the economy's changed completely. The economy's changed. So about a fifth of sales are done online. And that's not reflected in the business rates. So what's happening instead? Treasury under more and more pressure to find more and more money. And so they're asking for more from business rates. That affects property businesses primarily.