City of London warned against business rates hike to cover £70m shortfall
UKPulse News Desk
The City of London Corporation has been warned that increasing business rates to address a £70m budget shortfall could harm the Square Mile's global competitiveness.
- The City of London Corporation is facing a £70m budget shortfall.
- The local authority is considering an increase to the business rates multiplier.
- A member of the finance committee has cautioned against hiking business rates.
The City of London Corporation has received a warning that increasing business rates to cover a £70m budget shortfall could negatively impact the Square Mile's global "competitiveness". The local authority is currently evaluating whether to raise the business rates multiplier applied to businesses within the Square Mile.
A member of the Corporation's finance committee has reportedly cautioned against such a hike.