An announcement from central Government has confirmed that a bid by all Northamptonshire councils to be part of a pilot programme to keep a greater percentage of Business Rates in 2019/20 has been successful.
At the moment, councils collect rates from local businesses, the money is pooled and redistributed by central Government. This means that councils don’t always feel the direct financial benefit from attracting new businesses to their area.
All eight Northamptonshire councils worked together to submit a bid to keep a greater proportion of the taxes raised locally which will help to drive local growth. This also brings benefits to local communities as it means more money to invest in local services. The estimated financial benefit for a Northamptonshire pilot is around £17m.
Leader of the Council Cllr Matt Golby said:
“This is very good news for the county and a further vote of confidence on how we are working together in new and more collaborative ways. I look forward to working alongside all of my district and borough colleagues to ensure we get the best possible value out of this new income which can only be good for the county’s residents, businesses and communities.”