“Northamptonshire should receive fair share of Silverstone business rates” Cllr Chris Lofts

The Liberal Democrat Economy Spokesman at County Hall, Cllr Chris Lofts, has today called for Northamptonshire to receive a fair share of the business rates generated at Silverstone after news that the new Wing Complex had led to £1.6m in profits this year. Conservative-run Northamptonshire County Council has previously invested £10m in the new wing, despite the fact that it is in Buckinghamshire.

Cllr Lofts said "Obviously it is good news that Silverstone is doing well. However business rates usually go to the authority where the building is located. Given that Northamptonshire has invested a significant amount of money into the wing it only seems fair that the hard-pressed taxpayers of Northamptonshire see some of the benefit of increased profits."

"We are seeing swingeing cuts from the Conservatives in Northamptonshire to frontline services. If they had set up a deal with the District Councils concerned, and Buckinghamshire County Council, when they invested the money perhaps some of these cuts could be avoided or more money could be invested to boost jobs and growth. Alas when we have asked about this we have been told that no such scheme exists."

"This is only worsened by the fact that the Government is now allowing local areas to keep a greater share of the business rates growth generated. The Conservatives appear to have missed out on a potential windfall that Northamptonshire desperately needs."