Magazine article Public Finance

Supplementary Business Rate Could Raise £10Bn

Magazine article Public Finance

Supplementary Business Rate Could Raise £10Bn

Article excerpt

English cities could raise more than £10bn in extra finance if they were allowed to raise a supplementary business rate, according to research by Centre for Cities.

The think-tank's August 28 report shows how much SBRs would generate in each of England's main cities. The revenue should be used to revive major transport and infrastructure projects, it says.

The results are most eyecatching when applied to Greater London, where a 4p rate could generate more than £400m annually and lever in loans in excess of £6bn. The report suggests this could be used to finance business's contribution to Crossrail and other high-profile schemes.

In Greater Manchester, a 2p rate could yield approximately £40m a year and support a 30-year loan of £600m, enough to help the city complete the third phase of its Metrolink tram network. …

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