Business rate power for new Sheffield City Region mayor

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The new elected mayor for Sheffield City Region will be able to raise business rates to pay for major infrastructure projects.

Councils in England are to be given the right to retain £26 billion which they raise in business rates instead of handing it to government, which in part distributes it in grants.

Those areas with a directly elected mayor, which Sheffield City Region is to get in 2017 as part of a £900m devolution deal, will be able to add a premium, expected to be capped at 2p on top of the multiplier which currently stands at just under 50 pence.