Business rates pilot scheme for Lincolnshire set to give £600,000 boost to North Kesteven

New Leader of North Kesteven District Council. EMN-170331-094541001
New Leader of North Kesteven District Council. EMN-170331-094541001

Greater Lincolnshire has been approved to be a pilot for a business rates retention scheme, meaning the local economy could be boosted by a projected £14 million in 2018/19.

The Local Government Finance Settlement announced by the Secretary of State for Communities and Local Government, Sajid Javid MP, confirmed ten pilots nationally.

The North Kesteven share is estimated to boost the district council’s finances by £600,000 over the next financial year.

Coun Richard Wright, Leader of North Kesteven District Council, said: “This is a fantastic outcome following a tremendous amount of work undertaken by senior officers, chief finance officers and senior members across the partnership in recent months.

“It will bring investment into the local economy which will then support infrastructure and services, and is another step on the road to greater devolution and local decision making.

“This extra money will support our already positive financial outlook, with our ten-year £130 million investment programme in supporting our district of flourishing communities well under way.

“Our recent consultation on the NK Plan has generated some positive feedback on what we’re doing and what matters to people in NK. This will be incorporated into the plan, which will go before Full Council in the new year.”