The PI team has gone up to Manchester to attend the Conservative Party Conference and our highlights from Monday are below.
Pic of the day
Vital journalism: Michael Crick reading ‘Call me Dave’
Development of the day
Chancellor announces major reform of Business Rates
The Chancellor of the Exchequer George Osborne MP announced today that local councils will keep the £26bn raised from Business Rates as part of a radical devolution plan. Osborne called this decision the ‘biggest transfer of power to local government’ in recent history, a plan he referred to as a ‘devolution revolution’. The proposals will allow councils to cut the business rate if they feel it will benefit their local area and attract new firms and cities with a directly elected Mayor will be allowed to add a premium to rates to fund infrastructure investment.
Business Rates were originally introduced by Thatcher in the 1980s, with the revenue going straight to the Treasury, who then issue grants back to local authorities. Labour warned that the plan could increase inequality as the amount of Business Rates collected differs area to area.
Tweet of the day
— HuffPostUK Pictures (@HuffPostUKPics) October 5, 2015
Quote of the day
“Are we going to be a country which is prepared to work hard in a way that Asian economies are prepared to work hard, in a way that Americans are prepared to work hard?”
Jeremy Hunt MP on how changes to Tax Credits can promote a hard-work culture as seen in other countries.