We have had landmark progress, with proposals for the devolution of unprecedented powers coming from more than 30 regions and local authorities. Chancellor George Osborne has taken it further, announcing that local authorities will be given control of all business rates revenue. They will also have the ability to cut business rates in exchange for the gradual phasing out of revenue support grants. We welcome the chancellor's initial announcement on the devolution of business rates and look forward to receiving further details about how these plans will work in practice. The Government's policy follows the path recommended in our interim report with ResPublica: Power, People, and Places.
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