Ministers could give billions raised by business rates to England’s regions
Summary
The UK government is planning to give regional mayors control over part of the money raised from business rates, a tax paid by businesses. This is part of a larger effort to let local leaders manage more tax income and encourage economic growth in their areas.Key Facts
- Ministers are considering handing billions from business rates to regional mayors in England.
- Business rates raised £26.4 billion last year in the UK.
- The change is part of a plan by Chancellor Rachel Reeves to give local areas more control over some national taxes.
- The government wants to reward regions that grow their economies faster while ensuring poorer areas still get support.
- The plan is not yet finalized and is still being worked on.
- There are also talks about a new tourist tax on hotel stays and holiday rentals.
- Local leaders would get control over tax revenue but probably not the power to set the tax rates themselves.
- The move aims to reduce regional inequality and give local governments more budget certainty.
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