Published on Sunday, 20th April 2014

The prospectus for the shipyard site has been published (click here). There aren’t many surprises in it quite honestly, but there is some information on one interesting (and worrying aspect) of this: namely the business rates bill. For the last couple of years local authorities have kept half of the growth (or decline) in business rates as an incentive to help businesses. This sensible reform has the unfortunate side effect of magnifying major industrial closures by cutting the resources available to councils whenever something big shuts.

 

The rates bill that BAE has been paying is £1.5m. If that site closes and nothing takes its place, the council will lose £750,000 or so in rates income.

Tags : Dockyard