Council chiefs have this week demanded changes to the business rates retention scheme - giving local authorities all the proceeds of economic growth and protection from appeals. The call follows publication of a Local Government Association (LGA) report which finds the majority of councils feel the new system lacks sufficient incentives for them to boost local economic growth. Only 29% of authorities polled believe the system of local and central shares offers enough motivation to increase local business rates revenues. Most of the mechanism has been locked-in until the next reset of business rates, which is not scheduled to take place until 2020 at the earliest.
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