Decision details

Having considered an officer report and a presentation by the Cabinet

Member for Resources, Councillor Kevin Bonavia, the Cabinet agreed that the

Council be recommended to support the proposal to create a London

Business Rates pool based on the principles set out in the London Councils

proposals, with a preference for Option D, as set out within paragraph 6.7 (i.e.

greater weighting to “needs” and “population” (each 30%) with equal

remaining weightings of 20% for “incentives” and “investment” pots, subject to

clarification on the details still outstanding, in particular:

 that any London pool will be protected by a no detriment guarantee;

 on the detail of how the 100% devolved business rates plans from

government will operate and the timing for their introduction;

 of the impact of the fair funding review and arrangements for conversion

from pilots to permanent arrangements (including when and how revaluations

will be conducted); and

 that there is unanimous agreement from all London Boroughs on how the

pool will operate at set up and enable individual authorities to leave if they

wish to.