Published: 24th Jul 2019

The West Midlands Combined Authority (WMCA) Board is set to drop plans to levy an additional tax on companies in the region. The WMCA board is expected to formally drop plans for 4% business rates supplement when it meets on Friday (July 26). The proposal had been discussed for a number of years as a way to fund the Metro and other transport, housing and regeneration projects. According to the WMCA, dropping the plans will mean businesses in the region will avoid paying out an additional £34m per year, provided it is agreed later this week. The WMCA board, chaired by the mayor of the West Midlands, Andy Street has the power to raise a business rate supplement to invest in new infrastructure projects, if it is approved in a vote of businesses across the region. The combined authority said will continue to seek further funding in order to invest … (To read the full article, subscribe below)