Taking part in a business rates pilot scheme could mean the county gets up to £21m extra funding to go towards the economy and supporting services.
Secretary of State for Communities and Local Government Sajid Javid has announced Derbyshire’s successful bid to become a 100 per cent Business Rates Retention pilot as part of the local government finance settlement statement in Parliament.
The exact amount of the extra funding is still to be confirmed but the final amount will be used to boost economic growth, support vital services, support infrastructure and promote new development across the county and Derby city.
Derbyshire County Council leader Councillor Barry Lewis said: “This is fantastic news for the county as a whole and will benefit a wide variety of important projects that will make a huge difference to communities and our local economy.”
The county council led the successful bid on behalf of the county’s eight district and borough councils, Derby City Council and Derbyshire Fire and Rescue Service – which are all business rates authorities. The bid was one of only 10 to be successful in this round.
At the moment all local authorities currently retain 50 per cent of business rates and the Government is looking to move to all local authorities retaining 75 per cent of business rates by 2020/21 and eventually to 100 per cent.
Councillor Lewis said: “To be chosen as one of only 10 authorities in this round shows that our bid was very strong.
“We welcome the one-off extra funding this will bring.”