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Business rates: the £6.8 billion question

07 March 2016

This meeting took place on 8 March 2016. Read the transcript here.

London boroughs currently collect £6.8 billion of business rates from commercial premises. 

The Government is proposing to give boroughs greater control over business rates by 2020 – allowing them to cut rates and retain more of the income they generate.  In return, boroughs will have to fund more local services.

What will these changes mean for London?  What extra public spending responsibilities will be transferred to London as a result?  What financial opportunities and risks will this bring?

Before the Chancellor of the Exchequer presents his business rates reform plans in the Budget next week, the London Assembly Devolution Working Group will tomorrow examine what devolution of business rates will mean for London and its boroughs.

The Committee will hear from the following guests:

  • Martin Clarke, GLA Executive Director of Resources
  • Professor Tony Travers, Director LSE London
  • Colin Stanbridge, Chief Executive, London Chamber of Commerce and Industry
  • Guy Ware, Director of Finance, Performance and Procurement, London Councils

The meeting will take place on Tuesday 8 March from 10:00am in Committee Room 3 at City Hall (The Queen’s Walk, London SE1).

Media and members of the public are invited to attend and the meeting can also be viewed via webcast.

Notes to editors

  1. Darren Johnson AM, Chair of the Devolution Working Group, is available for interviews. See contact details below.
  2. Read the agenda and meeting papers here.
  3. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

For media enquiries, please contact Ben Walker on 020 7983 5769.  For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer.  Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.