Special Economic Areas: Tees Valley

(asked on 1st November 2018) - View Source

Question to the Department for Levelling Up, Housing & Communities:

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.


Answered by
Rishi Sunak Portrait
Rishi Sunak
Prime Minister, First Lord of the Treasury, Minister for the Civil Service, and Minister for the Union
This question was answered on 6th November 2018

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.

Reticulating Splines