Clive Efford
Main Page: Clive Efford (Labour - Eltham and Chislehurst)(13 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text
Mr Pickles
We will use the most up-to-date information we have. I take the right hon. Gentleman’s point about front-loading; we did much to mitigate its main impacts in the settlement. We are continuing to examine all aspects of the settlement, and we will of course ensure that the most vulnerable are protected in the process.
Clive Efford (Eltham) (Lab)
In answer to an earlier question, the Secretary of State said that he looked forward to a time when local authorities would be able to retain business rates raised in their areas. With that in mind, can he tell us what proportion of the money distributed to authorities through formula grant is raised through business rates?
Mr Pickles
Virtually all equalisation comes from business rates. The hon. Gentleman raises an important point and we will consider it carefully, but before we can move to a system of that kind we must be able to offer a degree of stability. Business rates are notorious for their movements during the economic cycle.