In his Budget the Chancellor announced pilot schemes to allow the Greater Manchester Combined Authority and Cheshire East and Cambridgeshire and Peterborough to retain 100% of Growth in Business Rates income.
Greater Manchester and Cheshire East has a total Rateable Value of over £3 bn - around 60% more than the whole of Wales - and Cambridgeshire has a total Rateable Value of over £900 million - around half the total for Wales.
The benefits to councils of retaining all the growth in this revenue their will depend on the success of the local economy and the Authorities ' ability to grow to grow their business rates income. These two areas together generate around £2bn of business rates revenue or around 10% of the total for England so the potential gain for successful local councils could be substantial if they are successful in growing their business rates income.
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