Issue - meetings

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.

The Executive Director for Resources and Regeneration confirmed this was

intended to be a pilot proposal and could not go ahead until every London

borough had agreed to take part.

Having considered an officer report and a presentation by the Cabinet

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

reasons set out in the report:

RESOLVED 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.