Item 6 - Finance Update (Budget and Business Rates Devolution) L22/3

Summary 

On 16 March 2016, Chancellor George Osborne delivered his eighth Budget. It contained a number of policies which are likely to impact on local government.

Most notably, no specific further cuts to local government funding were announced; additional funding was announced for the transition to a National Schools Funding Formula; and there were some significant announcements in relation to business rates, with government committing to explore with London options for moving to 100 per cent retention ahead of the full roll-out of the business rates reforms.

London Councils officers will continue to work closely with Leaders, through the business rates devolution working group and GLA colleagues to establish what the business rates announcements in the Budget mean for London Government.