The chancellor has promised councils autonomy over 26bn of business rates – but will it help or hinder local authorities?George Osborne has promised to hand councils full control over business rates,a decision that threatens to lock local authorities into competitively cutting taxes to attract local enterprise.
Announcing the surprise reforms at Conservative party conference in Manchester, Osborne promised a “devolution revolution” as announcing unique freedoms for councils to retain the £26bn in business rate income at local level and to prick the level of the rate.
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Source: theguardian.com