New rates arrangement creates further investment in Stevenage

15 Jan 2015

Stevenage Borough Council has joined other Hertfordshire councils to form a Business Rates Pool, which will provide additional funds to invest in the town.

Recent changes by the Government allow councils who join a pool to retain more of the growth in business rates than if they operated individually.

Under the current arrangements, Stevenage Borough Council collects business rates from owners of non-domestic premises, such as shops, restaurants, factories and offices, and then pays a levy to the Government on that income. By joining forces with other councils in Hertfordshire, Stevenage will now pay a smaller levy, which is forecast to benefit the town by an estimated £264,000 in 2015/16. This will enable the council to continue providing important services and investment that benefit local communities.

Executive Member for Resources, Councillor Joan Lloyd, said, "We are always looking at innovative ways of maximising public funding for Stevenage residents, and the establishment of a Business Rates Pool is a great example of this, which will return some much needed funding to the town in light of the on-going period of austerity”.

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