Issue - meetings

This report provides an update on the 2017 agreement between Spelthorne, the Government and all Surrey Boroughs that allowed those Boroughs and Districts to retain business rates that exceeded a baseline value on condition to support economic development activities.

The report was presented to the committee.

SBC had retained over £1m in business rates, which was ringfenced for economic development activities.  There was no time limit on when the money had to be spent, which meant that projects could be closely assessed before any funding was committed.  It was hoped that some of the money could be used to help businesses during their recovery from Covid-19.

The report was NOTED.