Lincolnshire will be able to retain more of the growth from its business rates income, the government has announced.
Earlier in the year local authorities – who usually keep 50 per cent of growth – were encouraged to join forces and put forward proposals to retain growth in their business rates income.
This was in response to council calls to reduce local government’s dependence on central government.
Alongside nine other areas, Lincolnshire will pilot 100 per cent retention across its economic area from April 2018 – allowing locally-raised money, estimated to be worth an additional £14m, to stay in communities and be spent on local priorities.
Communities Secretary Sajid Javid said: “With councils in the area working together and sharing their business rates income, they will be able to make more effective decisions that can have a positive impact on the wider area.”