international comparisons of global city financing: a report to the london finance commission.

For example, London receives 74 per cent of its revenues through transfers, in New York it is 31 per cent, in Paris 18 per cent and in Tokyo 8 per cent, 5 But this does not mean that other countries abandon principles of redistribution between places in order to support those less able to generate tax revenues.

Source: DCLG 2015: Local Government Financial Statistics EnglandĬompared to their OECD counterparts, UK cities are more reliant on government transfers.

Table 1: Makeup of political geographies used in the report.

Figure 11: Relationship between income tax and land and property taxes generated by city region, 2014-15.

Figure 12: Incentives and rewards: Local housing benefit bill driven by high housing costs and lack of supplyĭevolution is good for the national exchequer too.

New responsibilities: improving incentives not just control Figure 11: Share of land and property tax revenue by local authority in Greater Manchester, 2014-15 (%).Figure 10: Land and property taxes raised in Greater Manchester, 2014-15.Figure 9: New build incentives in Oxfordshire.Figure 8: Land and property tax revenue as a share of local spend by city-region, 2014-15.Figure 7: Land and property tax revenue as a share of local spend.Figure 6: Local revenues as a share of local spend, 2014-15.

Improving the current business rates systemĬreating a more effective local funding system.Figure 5: Net contributors and recievers in the ‘formula grant’ system.What will this look like across local authorities?.Figure 4: Local government funding from business rates and business rates tax generated.Figure 3: Change in the business rates funded element of the local government funding settlement.Where are we now: business rates devolution Figure 2: Primary source of local government funding in England.Figure 1: Local government funding settlement, 2010-2015.

International comparisons of global city financing: a report to the london finance commission.