An extra 1p on the business rate in England and Wales could enable£3.2bn investment to be made on infrastructure p...
An extra 1p on the business rate in England and Wales could enable £3.2bn investment to be made on infrastructure projects, City of London chamberlain Bernard Harty told the IRRV conference in Brighton today.
Mr Harty set out his proposal for an infrastructure levy, collected via the business rate. Local businesses would vote for the levy to finance capital projects they wanted.
A penny on non domestic rates would raise £310m, which could service borrowing substantial enough to deliver real benefits, Mr Harty said.
Capital investment is needed but the government's private finance initiative is not providing the answer, Mr Harty said. The infrastructure levy could be much more effective, he suggested.