Friday, 28 September 2012 21:36

Finance settlement is later this year

Written by  Ruralcity Media
Finance settlement is later this year

LOCAL authorities must wait longer this year to find out how much money they are allocated by the government.

THE government's Local Government Finance Settlement will be unveiled later than usual because of the Chancellor's Autumn Statement.

The Chancellor's statement will be published on Wednesday 5 December – in itself later than usual – which in turn is likely to push the settlement into the following week.

Autumn statements are more usually made in November, prompting suggestions that the Treasury is buying time to fill in gaps in the government's growth strategy.

The statement will focus on economic growth and government finances as projected by the Office of Budget Responsibility.

The Local Government Finance Settlement determines how much grant central government will give to each local authority in England over the next two years.

This year's settlement is the last under the present system prior to the establishment of a business rates localisation mechanism for the future determination of local government funding.

The Rural Services Network has campaigned – and will continue to do so – for the recognition of the additional cost of funding rural services in the settlement.

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