FINANCE

The uncertainty principle

Simone Hines says that when the variables are so great – e.g. a full business rates reset or no reset – 'it’s still hard to know where to pitch our financial position to members'.

I've just returned from the Chartered Institute of Public Finance and Accountancy's (CIPFA) annual conference, where the key themes were financial resilience and trust. Another underlying theme – both in speaker presentations and among the delegates, was uncertainty.

The 2020/21 financial picture for local authorities is the most uncertain it has been for some time, with the Spending Review, fair funding review and move to 75% business rates retention all hanging in the air. The Society of District Council Treasurers (SDCT) is now formally calling for a delay to the fair funding and business rates reviews on the basis that we are potentially facing a cliff-edge for 2021 from a business rates reset, with very little time to prepare.

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