Magazine article Public Finance

Tax Increment Financing No Silver Bullet, Claims Think-Tank

Magazine article Public Finance

Tax Increment Financing No Silver Bullet, Claims Think-Tank

Article excerpt

Giving councils powers to borrow to invest will not be a 'silver bullet' for economic growth, Public Finance has been told.

Alex Thomson, chief executive of centre-Right think-tank Localis, said Tax Increment Financing - which would allow local authorities to borrow against predicted growth in business rates to fund capital projects - was not a 'cure for all ills'.

He said that the way the potential of Tif powers had been 'bandied about for years' risked making councils believe 'this one thing is what stands between them and success'.

He added: 'It seems to me unlikely that it will be the answer to regenerating every area in the country.'

Deputy Prime Minister Nick Clegg announced last month that Tif powers for local authorities would be included in the government's subnational growth white paper. …

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