Last week, the Upper Tribunal (Land Chamber) ruled that rates for the Royal Albert Memorial Museum in Exeter should have been valued on net income, rather than the cost of rebuilding.

Colin Hunter, director of business rates at law firm Lambert Smith Hampton (LSH), which advised the council on the appeal, said: “This is the third appeal of this kind that we have taken to the Upper Tribunal and, in all cases, the court has found in our favour.

“However, what is interesting about this case compared with the others is that it makes it clear that the choice of valuation method isn’t a matter of legal principle but rather should be based upon fact and evidence.”

He said  the result is likely to have a significant impact on the way English and Welsh museums are valued in the future, “particularly older museums situated within historic buildings which would have substantial rebuild costs”.

The Valuation Office Agency has until 7 February to appeal against the decision.

The six principles provide a framework for integrating environmental, social and corporate governance (ESG) considerations into investment decision-making and ownership practices.

Councillor Doug McMurdo, chair of the Border to Coast joint committee and of Bedfordshire Pension Fund said: “The twelve Border to Coast partner funds believe that the way to achieve long term sustainable returns is through Responsible Investment (RI).

“The PRI is acknowledged as the world’s leading proponent of RI and we are delighted that Border to Coast has become a signatory, demonstrating its commitment to stewardship and RI.”

The committee is considering a proposal to move 5% invested to fixed income and 5% to an illiquid alternative asset class.

A report by council officers said: “This would result in a decrease of 0.2% in expected return, however volatility would decrease by 0.6% and value at risk would reduce by £30m.”

The report said that an illiquid alternative could provide an opportunity for the fund to invest in renewable infrastructure.

The council’s executive this week voted to reject options which could have seen it sell parts of the Castle Gateway site to private developers.

Instead, it will take on responsibility for funding and managing the development, which will see new homes, a multi-storey car park, a bridge over the River Foss plus a new riverside park.

A report to the executive said: “This is the option that maximises the financial return to the council to pay for the wider public benefits, minimising the estimated project viability gap that the council will need to fund to £3.3m.

Green MSP Andy Wightman has garnered support from the Labour and Conservative Parties for an amendment to the Non Domestic Rates (Scotland) Bill, which would allow councils to set the poundage rate and impose additional levies and supplements on retailers.

The amendment could effectively abolish nationally-set reliefs including the Small Business Bonus Scheme.

In her letter, SNP MSP Forbes said: “I am writing to confirm the Scottish Government’s unequivocal support for the Uniform Business Rate.

“The Scottish government shares your collective view that the amendment supported by opposition MSPs…introduces complexity, risks and potential unpredictability into the rates system.

“Non-domestic rates play an integrated role in the current wider local government finance arrangements by providing certainty and protection to local government funding whilst also ensuring certainty for ratepayers across Scotland.”

A coalition of 27 groups including the Federation of Small Businesses, CBI, SCDI, Scottish Chambers of Commerce and trade organisations have written to MSPs calling for the uniform business rate to be retained in Scotland.

According to an estimate by the independent Scottish Fiscal Commission, the proposed policy changes in the amendment could reap an extra £725m for councils over the next five years.

In its response to the settlement, the LGA says councils have seen reductions of nearly £15bn to core government funding since 2010.

It said: “Even with the increases in the 2020/21 settlement, local authorities are continue to be under real strain, with services such as social care and housing under particular pressure.

“This has effects on both the people that rely on these services and the financial sustainability of other services councils provide.

“When councils are forced to reduce spending on services, it can have potentially negative longer-term consequences on other areas such as prevention.

“This will increase the burden for the future both for councils and other organisations such as the National Health Service and the police.”

The response said that the 2020 Spending Review will be vital for the future of local government and the communities it serves

The LGA response said that the government needs to work closely with councils during its review of the New Homes Bonus, announced in the provisional settlement before Christmas.

In addition, it called for additional funding to help councils cope with the £220m burden of a rise in the National Living Wage.

The LGA said it was disappointed that the government did not provide a progress update on the Fair Funding Review or further business rates retention in the settlement.

“With implementation scheduled for April 2021, it is crucial for local authority financial planning that the Government consults on proposals for reform and provides certainty to councils as soon as possible and that no authority loses out from the fair funding review,” it said.

New figures show that buses in England travelled a distance of 1.18bn miles in 2018/19 – down from 1.33bn in 2008/09.

The LGA has called on the government to use the forthcoming Budget to fully fund the concessionary fares scheme and hand councils full control over bus services.

LGA transport spokesman David Renard said: “The funding gap faced by councils in providing the concessionary fare scheme is severely impacting their ability to step in and prop up bus routes that are otherwise at risk of ending altogether.”

Preston spent 23 years as a partner at accountancy firm PwC, holding management positions including chief operating officer, head of risk and quality, financial services market leader and global head of external relations, regulation and policy.

He replaces Sir Merrick Cockell who stepped down in December 2019 after four years in the role and nine years on the LPFA board.