As part of the recent Local Government Settlement, the Government has given the go ahead for the establishment of the Somerset Business Rates Pool; consisting of Conservative-controlled Somerset County Council, Bath & North East Somerset (B&NES) and North Somerset Unitary councils, Mendip, Sedgemoor and South Somerset District councils, and Taunton Deane Borough Council, forming a continuous geographic area centring on the ceremonial shire county of Somerset, with a combined population of over 900,000.
The region is forecast to experience above average growth over the next few years. Pooling Business Rates will help to mitigate local demographic and service pressures arising from additional growth and, by fully rewarding our communities for delivering such economic growth, will provide additional stimulus to new development. This will act as a further incentive for all the pooling authorities to proactively work together to drive economic growth within Somerset. The Pool will provide improved opportunities for co-ordination across the region, further re-investment in transport links in the region. The rationale for the Somerset Business Rates Pool is to encourage economic growth; therefore Pool members are committed to using the additional business rates resource to promote further growth in the local economy.
Bath & North East Somerset Council has been named as the lead authority for the Somerset Business Rates Pool.