Merton Council is to meet with businesses to ask them about their views on the council’s budget and business plan proposals.
Leader of the council, Councillor Stephen Alambritis will be at the civic centre on Thursday, 20 February 2020, 6pm – 7pm along with council officers and cabinet members to answer any questions and address concerns business owners may have about the proposals for 2020/21 and the business plan 2020-24.
The meeting is part of the council’s annual consultation with businesses on the financial decisions it has to make to balance the budget and plan for the coming four years.
Details of the proposed Business Plan will be considered by cabinet on 24 February 2020 and will be available on the council’s website after the meeting.
The Government designated a pan-London business rates pool in 2018-19, which piloted 100% retention in that year, and this was revised to pilot 75% retention in 2019-20. The Government confirmed in September 2019 its intention not to renew the London pilot in 2020-21, and for London to revert back to the pre-existing 2017-18 67% retention scheme (which was a partial pilot, reflecting the incremental impact of the rolling in of the Greater London Authority’s (GLA) Revenue Support Grant (RSG) and the Transport for London investment grant).
For 2020/21, London boroughs and the GLA have collectively agreed to continue to operate a Business Rates Pool based on the 67% scheme across London and distribute the financial benefit to each participating authority on an agreed basis.
The aim of the Pool continues to be to improve the well-being of the communities served by the participating authorities in London. By working together, they can retain a greater proportion of business rates growth within London, providing additional resources to support local communities and strengthen financial resilience following a decade of significant funding reductions.
In returning to the 67% retention scheme for London, London boroughs will receive a share of 30%, the GLA a share of 37% to reach the total 67% retention scheme, with the Government receiving the balance of 33%.
Merton Council recognises the importance of a vibrant local economy and the role local businesses play in creating jobs and prosperity. The responses to the consultation will all be considered as part of the business plan which will be finalised at full council on 4 March 2020.
Leader of Merton Council Councillor Stephen Alambritis said: “I am a small businessman myself and was spokesperson for the Federation of Small Businesses so I understand businesses and how vital they are to the economic success of the borough. As a council we have adopted a business-like approach to our services and to the financial decisions we have to make. So I value greatly all our discussions with the business community when we get to hear their thoughts on what we’re doing and how we can continue to make Merton a place that’s business-friendly.”
For more information, and to confirm your attendance, contact Elaine Connaughton. Elaine.Connaughton@merton.gov.uk