CIPFA, the Chartered Institute of Public Finance, is calling on the Ministry for Housing, Communities and Local Government (MHCLG) to provide councils in England with greater clarity, certainty and support as they prepare for changes to the business rates retention system.
“Key to the success of this reform will be ensuring that the linking of local government funding with business rates does not negatively impact local authorities, as it is implicit in the scheme that a fall in business rates would lead to a fall in local authority income.
“A well-managed transition period will help ensure local authorities and the communities they serve can reap the maximum benefits of these changes, creating a firm foundation going forward.
“While CIPFA maintains that current funding levels are insufficient to meet growing demand, and is worried a number of authorities show signs of potential risk to their financial stability, this reform can be seen as a step towards greater fiscal devolution.”
You can read the full consultation on the CIPFA website.
For further information please contact the CIPFA press office on 020 7543 5703 or email firstname.lastname@example.org
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.