To ask the Secretary of State for Communities and Local Government, whether there will be a central formula to assist London boroughs in deciding where to invest the revenue growth from the 100 per cent business retention pilot.

The 100 per cent business rates pilot in London will test how London boroughs are managing their business rates income under pooled arrangements. London boroughs will have the freedom to decide where to invest the potential revenue growth arising from the pilot, therefore allowing the boroughs more control over the money they raise locally in accordance with our manifesto commitment.