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Localised business rates must come ‘as soon as possible’, Lister urges
London’s Deputy Mayor Edward Lister has urged that the localisation of business rates to local authorities must happen ‘as soon as possible’.
Speaking at the London Infrastructure Summit, Lister, who is the former leader of Wandsworth Council, argued that local authorities’ attitudes to businesses would change ‘overnight’ as a result of these changes, as it would make them a ‘core part of their income’.
He explained: “The line is drawn on that day, and every day after that the local authority keeps the growth – and they also keep the loss if they lose business rates.
“I would suggest to you that, overnight, local authorities’ attitudes to businesses will change, because suddenly they are such a core part of their income. We need to get to that point quickly.”
The speed at which these changes come into effect was at the forefront of Lister’s speech, as he believes that these devolution plans will be a vital incentive to growth, meaning the quicker they come into effect, the quicker councils’ will start to better support growth in their local areas.
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