An overhaul of town hall funding will hand councils the means to boost finances. Councils will be freed to generate greater levels of income, encouraged to support local firms and jobs and be well placed to reap the rewards of success, Communities Secretary Eric Pickles said on 19 December, as he confirmed that Government will introduce major reforms enabling councils to keep a share of business rates they collect rather than paying them back to Whitehall.
Ministers are committed to letting councils benefit from business rates growth in their areas and borrow against future rate income. They see this as the means to putting all parts of the country on a surer path to economic growth and, following consultation, have today set out further detail on how the changes will be introduced.
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