Sam Clayden 22 November 2017

Budget 2017: London to retain all local business rate growth

London local government will be able to keep all its business rates growth next year as part of a 100% retention pilot.

Phillip Hammond used today’s Budget to allow the 32 London boroughs, the City of London and the mayor to keep additional business rates income raised locally, which in 2018/19 is forecast to be in the region of £240m.

The boroughs will not retain revaluation growth.

The announcement builds on the devolution deal signed last spring by the city’s leaders, who have since been devising a scheme for the distribution of additional business rates.

London Councils chair Cllr Claire Kober said: ‘This is an essential step towards more sustainable funding of the local services on which Londoners and London’s businesses depend.

‘It will enable further investment in the vital infrastructure to support economic growth and create more jobs across London.

‘Agreeing a business rates scheme for London, between the mayor and all the boroughs, has been the key to the Treasury agreeing that London can keep more business rates revenue and shows our collective ambition to better serve London's residents and businesses by gaining more control over our city's finances.’

SIGN UP
For your free daily news bulletin
Highways jobs

Children's Social Workers and Senior Social Workers (Children Looked After)

London Borough of Richmond upon Thames and London Borough of Wandsworth
£32,427 to £44,658
Here in Wandsworth, we are on an exciting journey of transformation. Richmond upon Thames, London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Peripatetic Customer Services Adviser

Northumberland County Council
£20,444 - £22,129
Northumberland County Council operates a huge range of services across one of the largest counties in the UK. Northumberland
Recuriter: Northumberland County Council

Principal Engineer - York Central

City of York Council
£37,114 to £42,562
We have an exciting opening for an experienced highway design engineer. York, North Yorkshire
Recuriter: City of York Council

Senior Highway Adoptions Inspector

City of York Council
£31,887 to £36,380
We have an exciting opening for an experienced highway inspector. York, North Yorkshire
Recuriter: City of York Council

Highways Asset Engineer

Hackney London Borough Council
£37,260 - £38,148
Are you an experienced Asset Management professional looking for your next challenge? Hackney, London (Greater)
Recuriter: Hackney London Borough Council

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.