Published: 29th Oct 2015

George Osborne’s plans for business rates devolution have so far thrown up more questions than answers, says Kevin Muldoon-Smith The chancellor’s announcement on business rate devolution at the Conservative Party Conference took many by surprise and has received considerable attention in the press over the last few weeks. What it all means is currently difficult to fathom ahead of the impending spending review. However, what is positive is it’s given exposure to what is traditionally an esoteric issue and has opened up opportunity for debate. The original business rate retention scheme (BRRS) gave local authorities the potential to retain 50% of business rate income and up to half any of growth in business rates revenue from new assessments added to the rating list, synonymous with construction of new employment. The remainder was returned to central government and redistributed in England in a similar way to the previous formula grant method … (To read the full article, subscribe below)