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What do business rates measure?

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  • Dominic Williams

Abstract

In the context of proposals to re-localize business rates, the article considers whether using business rates as a measure of economic activity would give rise to distortions caused by valuation methodology, liability to pay or by more general differences between property values and economic activity. Over the long term, property values have shown negative growth in real terms whereas GDP has grown around 2.5 percent p.a. Moreover, this overall difference in performance masks major distortions and differences between types of property, types of occupier and locations. It also distorts the relationship between business rates and GVA. This poses some big questions for the re-localization of local government finance but even more important questions for local economic development.

Suggested Citation

  • Dominic Williams, 2011. "What do business rates measure?," Local Economy, London South Bank University, vol. 26(3), pages 145-156, May.
    • Handle: RePEc:sae:loceco:v:26:y:2011:i:3:p:145-156
    DOI: 10.1177/0269094211404122
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    References listed on IDEAS

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    1. Christina Beatty & Stephen Fothergill, 2004. "Economic Change and the Labour Market in Britain's Seaside Towns," Regional Studies, Taylor & Francis Journals, vol. 38(5), pages 459-478.
    2. Andy Pike & Andrés Rodríguez-Pose & John Tomaney & Gianpiero Torrisi & Vassilis Tselios, 2010. "In Search of the 'Economic Dividend' of Devolution: Spatial Disparities, Spatial Economic Policy and Decentralisation in the UK," SERC Discussion Papers 0062, Centre for Economic Performance, LSE.
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