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.