Local Government Finance Bill
Following a set of consultations, the government published the Local Government Finance Bill Opens in a new windowjust before Christmas 2011.
The Bill introduces a rates retention scheme, enabling local authorities to retain a proportion of the business rates generated in their area. The Bill will also provide a framework for the localisation of support for council tax in England, which, alongside other council tax measures, will give councils increased financial autonomy and a greater stake in the economic future of their local area, while providing continuation of council tax support for the most vulnerable in society, including pensioners.
Please see the explanatory notes for the Bill, and the Bill itself, below.
London Councils has grave concerns in three key areas of the Bill’s provisions:
- local retention of non-domestic (business rates)
- introduction of tax increment financing (TIF)
- Council tax reduction schemes.
The Bill has passed through the Committee Stage on the floor of the House of Commons. Please follow the appropriate link to view relevant MP briefings and updates from London Councils.
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£60 million
- the amount each borough could lose over a decade if there's an undercount of 10,000 people in the 2011 census.
80%
- 10 London boroughs' response rates to the 2001 census - the lowest in the country
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