Stephen Hammond
Main Page: Stephen Hammond (Conservative - Wimbledon)Department Debates - View all Stephen Hammond's debates with the HM Treasury
(8 years, 8 months ago)
Commons ChamberThe devolution of business rates will retain the system of top-ups and tariffs that currently exist, so there will be no immediate loss to any local authority as a consequence of devolution. The point is that it devolves power to local authorities so that they have stronger incentives to boost growth. Local authorities that grasp that opportunity will see their business rates revenue increase.
Does my hon. Friend agree that the point about last week’s announcement was that it was a defining moment for local authorities? Those local authorities that accept the principle of devolution of business rates can incentivise strong local business growth, and secure a local economy that is strong and that has jobs for its constituents. That is the key point.