The implications of a switch to locally varying business rates

<p>Although it is nearly two years since the Government reformed the system of local business rates to introduce a uniform business rate, the debate still continues over the merits of the new system. The importance of local business rates should not be underestimated. The non-domestic rates' yield of close to ñ0 billion in England in 1990-91 accounted for 30 per cent of local authorities' net financing. By comparison, the yield from mainstream corporation tax in the UK in 1990 will be around ñ2 billion.</p>