Collective investment vehicle, rates appeals tweaked, Hackney’s fossil fuels, funding for refugees, Scotland’s tax freeze
0Cockell pooh-poohs passive investment vehicle
London Pensions Fund Authority chairman Sir Merrick Cockell says that councils will struggle to create a collective investment vehicle. Room151 revealed last month that a group of local authority pension funds are set to seek a single manager for a combined £6bn of passive investments in a move they say could drive down fees across the sector. However, Sir Merrick told Local Government Chronicle: “The idea that local authorities will come together into a passive procurement vehicle is not realistic.”
Business rate appeal tweaks announced
The government has announced proposals aimed at speeding up the business rate administration process as part of its Enterprise Bill. The changes would introduce a new “check stage” to ensure the property’s rating is based on accurate and up-to-date information plus penalties of up to £500 for the provision of false information.
Hackney to discuss fossil fuel investments
London Borough of Hackney will meet in January to discuss issues surrounding fossil fuel investments made through its pension fund. Robert Chapman, chairman of the council’s pensions committee, admitted that there was “increasing evidence” of the damaging impact of fossil fuels. But he added: “The committee has responsibilities towards those whose pensions it manages as well as other stakeholders which include local council taxpayers; it needs to ensure the pension fund receives the best returns possible, while also managing a large pension fund and the various legal duties associated with that.”
Betts seeks clarity on funding for refugees
Clive Betts, chairman of Parliament’s communities select committee, has written to communities secretary Greg Clark to clarify the government’s commitment to fund local authorities coping with Syrian refugees. In a recent select committee hearing, Clark appeared to commit to providing assistance for five years, a statement apparently contradicted by home secretary Teresa May, who said that funding would only be guaranteed for a year.
Scottish council tax freeze ‘fully funded’
The Scottish Government has not underfunded the council tax freeze north of the border, according to a paper from the Scottish Parliament Information Centre. The centre said that ministers have provided £2.52bn to compensate local authorities since the freeze began in 2008/09 – which it estimated at more than the amount that would have been raised if council tax had increased in line with inflation.
