City of London Corporation agrees council tax and business rates proposals

The Court of Common Council, the City of London Corporation’s main decision-making body, has today agreed changes to the Square Mile’s council tax and business rates.

In a meeting at Guildhall, elected Members discussed a number of proposals relating to the City Corporation’s medium-term financial position.

The following changes were agreed, which will take effect from 1 April 2019:

  • An increase of 2.99% in the City Corporation element of the Council Tax. Since 2009/10, the City Corporation’s Council Tax has not been increased and remains one of the lowest in London.
  • An adult social care precept of 2.00% will be introduced, to help in meeting additional social care costs for City residents, including the elderly.
  • The business rates premium will be increased by 0.1p, rising to 0.6p in the pound – a move supported at a recent ratepayers’ consultation. This will be used to enable the City of London Police to meet increasing demands to provide new services and to maintain security across the Square Mile.

The Court of Common Council also approved the establishment of a Fundamental Review of priorities designed to align resources to the City Corporation’s Corporate Plan and to deliver a sustainable medium-term financial plan.

Jeremy Mayhew, Chairman of the Finance Committee, said: “Elected Members today agreed a series of prudent steps to help to maintain the sustainability of our finances over the medium-term.

“It is vital that the City Corporation has a robust financial plan so that it can continue providing high quality, efficient services for workers, residents and visitors.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk