Power over uniform business rates will be devolved to local councils, George Osborne has confirmed, after reiterating his commitment to abolishing the charge.
The Chancellor revealed uniform business rates would be eradicated at the Conservative Party Conference in October.
During his Autumn Statement speech, Osborne said that devolved powers over business rates would help tackle the “geographical imbalance that has bedevilled the British economy for half a century”.
He vowed that by the end of the current parliament, local councils will keep all revenues and have more control over business rates, while elected mayors will be permitted to raise the amount, but only if it benefits the local economy.
The measures were announced alongside the creation of 26 new or extended enterprise zones across the country.