"For the first time many councils will have a genuine incentive to be business-friendly.
“We also welcome the clear commitment to keep the level of rates under central government control. We must never return to the days of extravagant councils destroying businesses by imposing ever-higher rates.
“Tax increment financing is certainly worth considering, but there is a danger of irresponsible borrowing by councils. We would need clarity about what is to be permitted, with what safeguards, and who would pay if an anticipated increase in business rates did not materialise.
“It is important that councils are now given the tools to implement business-friendly decisions, for example by making rapid, pro-growth, planning decisions. The Government is taking action on these fronts, and it will be essential to carry those plans through to fruition.”
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