11:41am Friday 3rd September 2010
MILLIONS of pounds leaves Colchester in business rates which never returns.
The borough contributes about £57 million and only £10 million is returned direct to Colchester Council in Government grants, not including the money returned by the Government for the emergency services or Essex County Council.
This means that the direct benefits for businesses in the area are less than the money they pay.
Nick Barlow, portfolio holder for economic development, culture and tourism, said: “We don’t set our own rates but I would love us to have the power.
“We do collect a very large amount and I wish we had the power to adjust or set our own business rates”.
He added that this would help businesses in Colchester but currently the most the council can do is make sure businesses take advantage of the small business rate relief, which they do successfully.
Nigel Myers, enterprise manager for Colchester Council, said: “We are the most successful in Essex and possibly in the east of England.”
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