The number of companies taking advantage of offices to rent could be set to increase, after the British Chambers of Commerce (BCC) claimed localising business rates will boost the economy.
Deputy prime minister Nick Clegg announced at the LGA (Local Government Association) Conference that plans are in motion to give councils more power over setting business rates in their communities.
The comments brought applause from the audience and director general of the BCC David Frost said the proposals are definitely a "step in the right direction".
"Giving councils the freedom to lower rates will help them attract thriving businesses to their areas, which in turn will boost enterprise and growth," he went on to state.
However, Mr Frost suggested that a national cap should be introduced to ensure authorities do not misuse the legislation, noting that some could see it as a chance to hike rates in order to subsidise local taxes.
Offices to rent news: Localising business rates 'will boost the economy' 30th June 2011
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