The Business Rate Supplements Act has been passed – potentially securing councils' long-term economic prosperity. The Act provides councils with a discretionary power to raise a supplement on the business rate, and retain those funds to support additional projects aimed at economic development. The GLA will use the power to raise funds to meet the Mayor's contribution to the Crossrail project. Apart from Crossrail, businesses will be able to vote on a BRS scheme where it funds more than a third of a project. Local government minister Rosie Winterton said: ‘Through this Act, councils and businesses working closer together will be able to give the green light to economic development projects.'
