TaxCorporate TaxBusiness tax to fund transport upgrades

Business tax to fund transport upgrades

Local authorities looking to raise £10bn

The Centre for
Cities
thinktank has proposed that a supplementary business rate be applied
to businesses to fund planned transport projects including
London’s Crossrail and
Birmingham New Street
station
.

The tax would allow big cities across Britain to borrow a total of £10bn to
fund the schemes.

In return for paying the extra tax, local businesses would have a greater say
in decision-making and would be able to sit down with local authorities to
discuss how to implement the rate rise.

Richard Lambert, CBI director general, said employers must be given a vote on
the tax.

Further reading:

City boss says London ‘must stay competitive’

Top accountant welcomes Crossrail plans

Profile: Jay Walder, MD of finance and planning at TfL

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