LONDON: Four UK regions have been told they can collect and keep 100% of business rates paid by local shops, restaurants, the Chancellor has revealed.
Cambridgeshire, Peterborough, Greater Manchester and Cheshire East will start receiving all the rates paid in their areas from April in a trial that could be rolled out across the country.
George Osborne said: “We have reached provisional agreement to allow greater Manchester to keep 100% of the additional growth in local business rates…
We are going to offer the same deal to Cambridge and other surrounding councils and my door is open to other areas that want to proceed as well.”
Councils currently receive around half of the business rates bill collected in their area with the rest going to central Government in a rule introduced two years ago.
