We've seen commercial rents having had to be adjusted to meet market forces. Now town councils have the flexibility to attract retailers who have been put off by business rate levels that haven't reflected the changing face of retail over the last few years. It's sadly too late for my local chip shop, but hopefully other retailers will be able to thrive and continue to be at the centre of local communities.
George Osborne's business rates revolution George Osborne has announced plans to revitalise Britain’s high streets by allowing councils to set their own business rates and keep all the money they raise. In what the Chancellor described as “the biggest transfer of power to our local government in living memory”, Mr Osborne said that all the income generated from business rates will be kept by councils instead of being “sent up to Whitehall”. At present, councils raise £26billion from business but the money is pooled by Whitehall and then redistributed. Mr Osborne said: “I'm embarking on the biggest transfer of power to our local government in living memory. “We’re going to allow local government to keep the rates they collect from business. “That’s right, all £26billion of business rates will be kept by councils instead of being sent up to Whitehall.