Business Rate Relief in Croydon

Meeting: 
MQT on 2014-02-26
Session date: 
February 26, 2014
Reference: 
2014/0583
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

The Croydon Business Rate Relief project from the Mayor's Regeneration Fund has received another bad progress report from the Investment and Performance Board's latest paper. What is your plan to rectify this?

Answer

Answer for Business Rate Relief in Croydon

Answer for Business Rate Relief in Croydon

Answered By: 
The Mayor

The Business Rate relief project has a regular review built into it in recognition of the fact that it was an innovative scheme that might require changes to be most effective. In November a review led to a revised offer of 100 per cent 'rates free for a year' linked to a marketing campaign and new microsite, as part of Croydon's Inward Investment programme. These steps have improved performance. The GLA is working closely with LB Croydon on targeted marketing and comms activities aimed at increasing the number of enquiries received. 14 businesses have now relocated to the OAPF area as a consequence of receiving business rates relief, resulting in over 300 jobs being created and safeguarded. The red rating reported in the IPB report reflects the fact that although interest has increased current profiles suggest that the rate of increase remains below the revised forecast. A further review of progress is planned for March this year'.