Local authority tax-raising powers will be affected by changes announced in the Chancellor's autumn statement – with the extension of business rate holidays until April 2013 balanced against a promise to explore new ways for city mayors to borrow against future receipts.
The Chancellor's statement reported city mayors and partner local authorities could be given freedoms to borrow against income received through the community infrastructure levy (CIL) as part of the Government's commitment to deliver tax increment financing (TIF) powers.