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<p>By the end of the Parliament, local government will retain 100% of taxes raised
locally, giving councils control of an additional £12.5 billion of business rates
to spend on local services. To ensure the reforms are fiscally neutral, some existing
grants will be phased out and responsibilities will be devolved to local authorities.
This move towards self-sufficiency and away from dependence on central government
is something councils have long campaigned for. We have worked in close collaboration
with local government in how to implement this commitment, including through the Business
Rates Retention Steering Group, which is jointly chaired by the Local Government Association
and the Department for Communities and Local Government.</p><p>Last week, we introduced
the Local Government Finance Bill that will establish the legislative framework for
the reformed system. All relevant documents can be found here: <a href="http://services.parliament.uk/bills/2016-17/localgovernmentfinance.html"
target="_blank">http://services.parliament.uk/bills/2016-17/localgovernmentfinance.html</a>.
We will continue to work closely with local government during the passage of the legislation,
to shape the detail of the reforms.</p>
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