Sam Clayden 22 November 2017

Budget 2017: London to retain all local business rate growth

Budget 2017: London to retain all local business rate growth  image

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

People Technology / HRIS Analyst

Essex County Council
Up to £42174 per annum
The Opportunity The People Technology / HRIS Analyst will be responsible for supporting the ongoing management of people-based technology including England, Essex, Chelmsford
Recuriter: Essex County Council

Principal Energy Engineer

Surrey County Council
£45,734 - £51,725 per annum
Do you have experience in working with delivering carbon reduction measures into a range of building projects? Surrey
Recuriter: Surrey County Council

Wellbeing and Independence Practitioner - Safeguarding

Essex County Council
£27203 - £31370 per annum
Please note, this role is a Fixed Term Contract until the end of March 2022. With us, you can achieve more - for yourself as well as those you work England, Essex, Chelmsford
Recuriter: Essex County Council

Chief Fire Officer/Chief Executive

Essex County Fire & Rescue Service
c. £150,000
Are you ready for an exciting and rewarding opportunity Essex
Recuriter: Essex County Fire & Rescue Service

Housing Development Manager

City of York Council
£36,476 to £41,830 per annum
Do you want to play a key part in the delivery of “the UK’s most ambitious council-led housing programme in a generation”? York, North Yorkshire
Recuriter: City of York Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue