County set to benefit from increase in Business Rates retention
An announcement from central Government has confirmed that a bid by all Northamptonshire councils to be part of a pilot programme to keep a greater percentage of Business Rates in 2019/20 has been successful.
At the moment, councils collect rates from local businesses, only to see the most of the money pooled and redistributed by central Government. This means that councils don’t always feel the full financial benefit from attracting new businesses to their district or borough.
All eight Northamptonshire councils worked together to submit a bid to keep a greater proportion of the taxes raised locally which will help to drive local growth. This also brings benefits to local communities as it means more money to invest in local services. The estimated financial benefit for a Northamptonshire pilot is around £17m.
Leader of the Borough Council of Wellingborough, Cllr Martin Griffiths, said: “This is really positive step forward towards the delivery of potential reorganisation of local government in the county that will benefit our residents and businesses for years ahead.”