Published 19 December
Summary
We consulted over the summer on our proposals for business rates retention which would enable councils who succeed in growing their local economy to get a direct boost to their income.
This plain English guide sets out the Government's response to that consultation and how the business rate retention scheme will operate to create a direct financial incentive for local authorities who grow their economies that is both deliverable and sustainable. It also sets out how we will ensure that all authorities have sufficient resources to deliver local services.
The legislative framework required to introduce the rate retention scheme forms part of the local Government Finance Bill, introduced on 19 December 2011. This Bill takes forward a package of proposals designed to encourage local economic growth, reduce the financial deficit and drive decentralisation of control over local government finance.
http://www.communities.gov.uk/documents/localgovernment/pdf/2053505.pdf
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