Havering Council will be expressing an interest to join a business rate pool with three other councils.
The decision was approved at last week’s cabinet meeting on Wednesday night and means that if the plans are approved, it would join a pool with Thurrock, Basildon and Barking and Dagenham Councils.
The changes are part of the government’s new Business Rates Retention Scheme launched this year and means that Havering could keep 30 per cent of its business rates to use for business growth in the borough.
Officers will start discussions about forming the pool and prepare a draft document about the arrangements. A further report will come to the cabinet at a later date.
Cllr Roger Ramsey, cabinet member for value, said it would work well because Havering and Barking and Dagenham were “business rate poor”, while Thurrock and Basildon were “business rate rich”, so by joining together they could pool their resources.
He added: “No council would be worse off that they are at the moment.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here