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Business Rates Supplements Bill changes 'would help economies'

23 June 2009



MPs have been criticised by the CBI for rejecting proposed amendments to the Business Rates Supplements Bill, which it said could have made a real difference to regional economies. The bill proposes to give local authorities across the country the power to levy a supplement on the business rate then hold back some of the proceeds to develop the economy.

However, the CBI suggested that amendments be made in order to allow companies to vote on how the money is used for infrastructure projects, which were then rejected by MPs. John Cridland, CBI Deputy Director-General, said: "We had called for sensible changes that would have ensured more effective local government spending. They would have helped avoid unnecessary, misguided tax supplements that could lead to further job losses."

The Lyons Review into Local Government, released in March 2007, revealed that the levies on supplementary taxes could equate to £800 million a year.

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