business rates boost welcomed in Burnham-On-Sea area
new scheme which could see up to £2million in business rates
being retained to boost the local economy across Somerset has
been approved by the Government and welcomed by local business
has given the go ahead for the creation of the Somerset Business
Rates Pool as part of its recent Local Government Settlement.
Pool consists of Somerset County Council, Bath & North East
Somerset (B&NES) and North Somerset Unitary councils, Mendip,
Sedgemoor and South Somerset District councils, and Taunton Deane
Borough Council a continuous geographic area centring on
the ceremonial shire county of Somerset, with a combined population
of over 900,000.
is believed that the Pool has the potential to ensure a further
£2million of Business Rates is retained locally, to be shared
between the member councils. This will encourage closer working
on the management of business rates between the partners.
David Hall, Deputy Leader of Somerset County Council, and Cabinet
Member for Business, Inward Investment and Policy, said: "This
new Pool marks the forging of economic and community ties across
Somerset and beyond from Bath to Bridgwater and Burnham;
the Somerset Levels, to Nailsea and Yeovil. That this scheme has
received full approval from Government is brilliant news. This
is a practical step that will spur our authorities on in driving
economic growth in our region."
Burnham-On-Sea Chamber of Trade spokesman said: "We have
long argued that business rates paid by local firms should be
kept in the Burnham area to benefit the town. We therefore welcome
this scheme, and look forward to further information about how
the local funding will be used in our area."
rationale for the Somerset Business Rates Pool is to encourage
economic growth, therefore Pool members are committed to using
the additional business rates resource to promote further growth
in the local economy.
Turner, Group Manager Finance at Sedgemoor, said: "Councils
collect business rates within their district/area, however this
council can only retain 50% of the income collected over the baseline
set by the government. The other 50% is paid over to the Government.
In the Somerset business rates pool, the pool members collectively
only have to pay over a levy of 7.54% with the remaining amount
shared between the pool members keeping the income locally."