To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 4.88 of Budget 2018 Red Book, what powers the Government plans to confer on the South Tees special economic area.
6 November 2018
The South Tees site will be designated as a Special Economic Area which will enable the local retention of additional business rates growth. Redcar and Cleveland Borough Council will continue to collect 50 per cent of all business rates in respect of those properties currently situated within the proposed boundary of the Special Economic Area, in line with the current operation of the Business Rates retention System.
In addition, once the Special Economic Area is established in statute, Redcar and Cleveland Borough Council will retain 100 per cent of all business rates growth obtained within that same area. This additional funding can then be used by the South Tees Development Corporation and Redcar and Cleveland Borough Council to reinvest in local economic growth.