Local Government Funding: Merseyside
Debate between Angela Eagle and Rishi Sunak(6 years ago)
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Rishi Sunak
I can tell the right hon. Gentleman that Knowsley’s core spending power per household is about 20-something per cent. higher than the average for a similar metropolitan authority, which takes into account exactly his point. He talked about the fair funding review and, as I said, that is exactly where all the issues will be considered, ensuring that deprivation or, indeed, multiple other factors, are taken into account in the new funding formula.
Rishi Sunak
No. I will try to make some progress.
When it comes to that point, I am convinced and confident that those factors are taken into account. Indeed, as we restructure the fair funding formula, they will continue to be taken into account fairly and accurately.
Beyond Government grants, driving economic growth locally is the only sustainable way to ensure that we can raise the money we need to fund our services, and business rates retention is one such opportunity. I am delighted, and I am sure hon. Members here will join me in recognising, that Merseyside is in the fortunate position of being a 100% business rates retention area, which means that the local councils keep all the growth they generate from those rates. That is not something that is enjoyed by every local authority—[Interruption.]