Latest News Tue, Mar 22, 2016 5:30 PM
The British Property Federation (BPF) has called for greater devolution of finances and decision-making powers to cities and city regions, in order to attract better leaders into local Government and facilitate the sort of development that would encourage local growth.
The BPF also urged Government to consider wide-ranging business rates reform, including more frequent revaluations, and allowing local authorities to retain more of the local business rates income so that local communities saw more benefit from development in their areas.
Speaking at the Communities and Local Government Select Committee yesterday, BPF chief executive Liz Peace said: "Devolved financial power to local authorities would change the whole role of local Government, and thereby attract better local leaders.
"We have already seen that areas with strong local leadership experience better growth due to more planned and effective development – Manchester is a prime example of how good leadership invites productive discussions about local investment and development. Devolved authority also improves local democracy, transforming and strengthening the relationship between people and local Government.
“Another issue that urgently needs addressing is our chaotic business rates system. Current rates are based on values just prior to the recession, and central Government's decision to postpone revaluation until 2017 continues to blight businesses and inhibit growth. There is no reason, with modern technology, why we shouldn't be able to move to far more frequent revaluation of property and business rates.
“Greater devolution of the collection of business rates would incentivise local authorities to seek opportunities for local development, but proposals so far have been fiendishly complicated. The property industry would like to see local authorities being able to borrow against future business rates streams to invest in local infrastructure, creating more attractive development opportunities. Tax Increment Financing initiatives have been hugely beneficial where used and should be rolled out far more widely.”
Featured News
Mustang Slate from the Moduleo Pro Roots 55 luxury vinyl collection is giving a...
Heterogeneous vinyl flooring from IVC Commercial has been installed at Colchester...
BUILDING PRODUCT LIBRARY - LATEST BROCHURES
Novantica - Cement F...
By Fassa Bortolo
Fassatherm System -...
By Fassa Bortolo
Fassarend System - P...
By Fassa Bortolo
Fassalime System - P...
By Fassa Bortolo
Sport England’s Perf...
By Passivent
BUILDING PRODUCT DIRECTORY - LATEST PRODUCTS
Straightcurve® – headquartered in Australia, is renowned for high-end innovative garden edging,...
The Kingspan RLG600 raised access floor panel is intended for light office use and is capable of...
Kingspan RHG600 Simploc is the heavy grade floor system, capable of handling up to a 12kN/m2...
CONSTRUCTION VIDEOS - LATEST VIDEOS
“Building with stone wool insulated sandwich panels” written by Professor Imperadori, is now...
Portakabin | Installation at the iconic Admiralty Arch, London