Recommendations
Leaders’ Committee is asked consider the report and, noting that any arrangements will be subject to the individual approval of all the London local authorities, to:
(1) Support in principle an application to government for a London-wide business rate pilot pool for 2018/19, based on the features set out in paragraph 8 of Appendix B (and subject to the receipt of satisfactory assurances regarding “new burdens” and the “fair funding review” as identified in paragraph 10 of Appendix B).
Should recommendation (1) be agreed, Leaders’ Committee is further asked to:
(2) agree to delegate to the Chief Executive in consultation with Elected Officers of Leaders’ Committee in accordance with urgency procedures, the negotiation of the detail of final proposals to be then put to individual authorities and the Mayor of London for agreement (see paragraph 9);
(3) express a preference between the four options for distributing the financial benefits of a pool outlined in Appendix B, Section D; and/or to provide a steer on the relative weighting between the elements of a final distribution option to be devised;
(4) indicate whether it is content in principle – and subject to further legal advice – to develop proposals by which the authorities would delegate to a new joint committee of Leaders and the Mayor the exercise of functions in respect of deciding the allocation of strategic investment resources to specific projects in accordance with the principles and voting arrangements to be contained within the agreed framework for operating the pool (see paragraph 15)