Agenda item

The following item of urgent business was considered:-

Business Rate Devolution Pilot Scheme

The Chamberlain updated the Committee on the progress of the Business Rate Devolution pilot scheme. For 2018/19 it was anticipated that this would result in £240m of additional revenues for London. He pointed out that under the revised proposals agreed by London Councils with Treasury, the City Corporation would receive a lower share of these revenues but it would still be higher than those received by other authorities.   He also advised that a report, seeking Member approval to participation in the pilot and to the City Corporation being the lead authority for the London pool, would be presented to the next meeting of the Committee.

A Member expressed concern about the City Corporation receiving the largest share from the Scheme and how this might be perceived externally. He suggested that consideration be given to the City Corporation agreeing to accept a lesser sum.