Budget 2015: Chancellor heeds calls for fiscal devolution

Budget 2015: Chancellor heeds calls

Richard Threlfall, head of infrastructure, building and construction comments on the announcement of pilot schemes for Manchester, Cheshire East, Cambridgeshire and Peterborough to retain 100% of additional business rate growth.

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Richard Threlfall, head of infrastructure, building and construction comments on the announcement of pilot schemes for Manchester, Cheshire East, Cambridgeshire and Peterborough to retain 100% of additional business rate growth. He said:

“The announcement of pilot schemes for Manchester, Cheshire East, Cambridgeshire and Peterborough to retain 100 per cent of additional business rate growth above forecasts is a significant step towards putting more buying power in the hands of the UK’s city regions. Local taxation in the UK currently raises less than 2 per cent of GDP compared to an OECD average of nearly 10 per cent, severely restricting the ability of our cities to invest in their futures.

“It is good news that the Government appears finally to have heeded the calls for meaningful fiscal devolution, freeing our regions to thrive.”

 -ENDS-

 

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Chancellor’s Budget 2015

 

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