Local hope for business rates
Ministers will consider the idea – which many in local government have
long campaigned for – in the hope it would encourage councils to grow their economies.
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Hide AdBusiness Secretary Vince Cable said it would set councils "free from dependency on central funding" but promised firms protection against
huge rises in business rates.
He said measures would be considered to ensure areas with a smaller number of businesses were not unduly hit.
At the moment, business rates are set by Government but collected by councils.
The money is then sent to a Treasury pot to be redistributed according
to Government formulas.