Special Economic Areas: Tees Valley

Ministry of Housing, Communities and Local Government written question – answered on 6th November 2018.

Alert me about debates like this

Photo of Anna Turley Anna Turley Labour/Co-operative, Redcar

To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 4.88 of Budget 2018 Red Book, what powers the Government plans to confer on the South Tees special economic area.

Photo of Anna Turley Anna Turley Labour/Co-operative, Redcar

To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 4.88 of Budget 2018 Redbook, whether business rates that will be transferred to the proposed South Tees special economic area will include business rates currently retained by Redcar and Cleveland Borough Council.

Photo of Anna Turley Anna Turley Labour/Co-operative, Redcar

To ask the Secretary of State for Housing, Communities and Local Government, what assessment has he made of the effect of the business rates retention by the proposed South Tees special economic area on the financial sustainability of Redcar and Cleveland Borough Council.

Photo of Rishi Sunak Rishi Sunak Parliamentary Under-Secretary (Housing, Communities and Local Government)

The South Tees site will be designated as a Special Economic Area which will enable the local retention of additional business rates growth. Redcar and Cleveland Borough Council will continue to collect 50 per cent of all business rates in respect of those properties currently situated within the proposed boundary of the Special Economic Area, in line with the current operation of the Business Rates retention System.

In addition, once the Special Economic Area is established in statute, Redcar and Cleveland Borough Council will retain 100 per cent of all business rates growth obtained within that same area. This additional funding can then be used by the South Tees Development Corporation and Redcar and Cleveland Borough Council to reinvest in local economic growth.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.