Monday 5 October 2015
Devolution of business rates will give London the powers it needs to grow
Commenting on the announcement that local authorities will retain 100% of revenue from business rates by 2020 and directly elected mayors having the ability to add a premium to business rates to pay for infrastructure, Sean McKee, director of policy and public affairs at London Chamber of Commerce and Industry (LCCI), said:
"Local retention of business rates will allow London to invest this money in infrastructure improvements. Over 70% of businesses in the capital support business rates revenue being collected and spent in London.
"We are pleased to see that the Chancellor is committed to allowing the Mayor of London to add a rates premium. This can be hugely helpful in delivering major infrastructure projects such as Crossrail and will give London the powers it needs to continue to grow".
ENDS
Media contact
Sophie Mew, Policy and Public Affairs Officer
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: smew@londonchamber.co.uk
NOTES TO EDITOR:
- London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
- Sean McKee is available for further comment and interview.