Core Cities UK: A call for greater fiscal autonomy for our cities: this report by Metro Dynamics argues that cities should be able to retain more of the money raised within them to spend locally and in the longer term should move towards fuller fiscal devolution, in line with cities across Europe and the rest of the World. The report states that the Government’s immediate priority should be to achieve ‘sensible reform’ of business rate retention at a local level, making sure city finances are not disadvantaged in the short term.
Core Cities has published a response to the report that says that the first step toward financial freedom is to make sure a workable and fair solution is found to Business Rate localisation, which starts across England from 2020. (23 May 2016)
DCLG: Housing Revenue Account – Draft item 8 credit and item 8 debit (general) determination: seeks views on proposals for the treatment of impairment and depreciation in Housing Revenue Accounts (HRAs) from 1 April 2017. Following the HRA self-financing settlement in 2012, a five year transitional period was put in place to help local authorities manage the impact of changes to the accounting treatment of capital assets by allowing them to “reverse out” impairment charges. This consultation considers how these items should be treated in the HRA after the transitional period ends. The consultation closes on 8 July 2016. (26 May 2016)