Agenda item

Joint report of the Chamberlain and the Remembrancer.

NB: Resolution of the Finance Committee to follow.

The Committee considered a joint report of the Chamberlain and the Remembrancer together with a resolution of the Finance Committee meeting held on 12 September 2017, concerning a pilot scheme for business rates devolution in London.

It was noted that this would involve the creation of a business rates ‘pool’ which would pay a single joint tariff into the national business rate system and that London Councils was seeking ‘in principle’ approval of the proposal from its constituent authorities.

RESOLVED – that the Chairman (or her representative) be authorised to express the following views at the next meeting of the London Councils Congress of Leaders:-

1.     ‘in principle’ support for the rates retention pilot scheme set out in London Councils’ Draft Prospectus, on condition that the final arrangements include sufficient protection for the position of the City Corporation, so that revenue attributable to the City Premium, the City Offset and the City’s formula allocation are unaffected and remain under the City’s sole control; and

2.     support a method of distribution of any financial dividend from the scheme which either gave relatively high weight to the retention of revenue growth where it was generated, or gave equal weight to that factor alongside those of population, need, and collective investment.