Chamber pushes Tories on TIFs
The Birmingham Chamber of Commerce Group (BCCG) is pushing the government to introduce legislation for Tax Increment Financing in the UK at this week's Conservative Party conference in the city.
Jerry Blackett, chief executive of BCCG, said: “Birmingham Chamber Group has long campaigned for the introduction of Tax Increment Financing (TIF). Also known as Accelerated Development Zones (ADZs), it is crucial for growth and jobs in the region that we can progress with making the infrastructure changes that the city needs now.
“The Big City Plan has been released and our focus is to make sure that proposed development in the region goes full steam ahead. We need to be bold and to deliver on the schemes which will give us the greatest returns."
At a Conservative Party conference fringe meeting today, Blackett says he will urge businesses to support the legislation through ADZs. Other speakers include Stephen Hughes, chief executive of Birmingham City Council; Liz Peace of the British Property Federation; Alex Burrows from Centro; and Ray Mills of PricewaterhouseCoopers.
TIFs allow local councils to keep some of the extra business rates and council tax they raise to enable new developments to go ahead.
