News round-up: Glasgow’s TIF plan, calls for new watchdog, Cornwall’s settlement ‘disappointment’, business rates events
0Glasgow backs £30m TIF plan
Proposals for a £30m tax incremental finance (TIF) scheme to support the development of an innovation district in Glasgow city centre have been approved by the council. A detailed business case is being developed, but it is estimated that the project will require around £60m of investment from the various partners, with £30m to be raised from the TIF. The scheme will repay debt with future income from business rates.
CIPFA calls for new public spending watchdog
The government should create an independent watchdog to scrutinise public spending, according to the Chartered Institute of Public Finance and Accountancy (CIPFA). In a report published with the Institute for Government, it said that the UK faces a combination of failing public services and breached spending controls unless urgent action is taken. Rob Whiteman, CIPFA chief executive, said: “We know that for some parts of the public sector resources are stretched and that those working to deliver services are up against it. What is crucial is that we make the best possible use of the funds available. This means having a thorough understanding of how organisations are run and services are provided, using this information to think strategically and creatively about improving policy decision making, which will ultimately improve service delivery.”
Government slammed over Cornwall’s settlement
Cornwall Council has hit out at the government over its “disappointing” funding settlement for the next three years. The council said it will only receive £18m over the period — significantly less than the previous growth deal allocation to the county. Julian German, the council’s portfolio holder for economy and culture, said: “The current process forces Cornwall to compete for investment with more affluent places such as London, Birmingham, Bristol and the South East. It takes no account of our low earnings, poverty and rurality.”
LAPFF calls for financial reporting reform
The Financial Reporting Council, which regulates governance, accounts and financial reporting, should be wound up, according to the Local Authority Pension Fund Forum. In its response to a government consultation on corporate governance, it said the FRC “falls so far short of the standards expected in public life, it warrants intensive investigation. LAPFF believes serious consideration should be given to disbanding it, and recommends that an independent Companies Commission be set up.”
Government to hold regional business rates events
A series of regional events to consult on business rates retention for members and officers in local authorities has been announced by the government. “The events are an opportunity to hear about the consultation and progress on business rates retention, and for councils to give their views on the proposals,” a government statement said.
