Unlocking the Potential of Rates Retention for Freeports & Investment Zones
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Unlocking the Potential of Rates Retention for Freeports & Investment Zones
This paper sets out the potential for Retained Business Rates
(RBRs) to be utilised to fund infrastructure or support on-site
developments to accelerate economic growth in Freeports (FPs),
in particular and where applicable Business Rates Retention
(BRR) for Investment Zones (IZs) and their surrounding areas, as
part of wider regional place based economic growth.
(RBRs) to be utilised to fund infrastructure or support on-site
developments to accelerate economic growth in Freeports (FPs),
in particular and where applicable Business Rates Retention
(BRR) for Investment Zones (IZs) and their surrounding areas, as
part of wider regional place based economic growth.
This paper is aimed at both central (Ministry of Housing, Communities and Local Government/His Majesty’s Treasury) and local government to provide a platform upon which both can agree a set of tools, principles or documentation, solutions to ensure that Freeports and their Local Authority (LAs) Accountable Bodies draw down on RBRs effectively dismantling barriers or technical issues that may be present which are restricting the use of these financial instruments. The arguments set out within this paper may have wider uses for LA’s to mobilise RBRs more generally and support the release of significant capital to drive place-based growth.
This paper seeks to examine private sector commercial solutions to mitigate risks and barriers to the public sector. The paper has not examined public sector solutions such as the use of HMG’s Public Work Loans Board Lending Facility or financing through UK Infrastructure Bank or support via the newly established National Wealth Fund as these are already known and in some case being deployed.
