Suffolk is chosen as one of only 10 pilot areas to retain 100% of business rates
The amount of money allocated to each Local Authority in England for the next financial year was announced by the Government today.
In the announcement by the Secretary of State for Communities and Local Government, Sajid Javid, Suffolk County Council has been named as one of the pilot areas for a new Government scheme to retain 100% of business rates from Council Tax in 2018/19.
In future, Business Rates will be an even greater income stream for all local authorities and this is an opportunity for Suffolk to influence how it will operate in a two tier system.
Until more information is released from the Department for communities and Local Government it is not possible to say exactly how much additional income this could generate into the Suffolk system.
Councillor Colin Noble, Leader of the Council said:
"Suffolk welcomes the Secretary of State's announcement that it has been accepted as a 100% Business Rates pilot area in 2018-19. This is a positive step towards greater local autonomy which will encourage economic growth in the county and help to secure the best outcomes for people in Suffolk. We are now studying the details of the scheme and will be working with colleagues in the Borough and District Council's to identify what this means for the whole Suffolk system."