Local Government Finance Settlement 2014/15

The 2014/15 Local Government Finance Settlement was confirmed on 5 February 2014. In England, Settlement Funding Assessments will fall by 9.4% and Spending Power will decrease by 3.1%.

The 2014/15 Local Government Finance Settlement was announced for consultation in a Written Ministerial Statement from the Parliamentary Under-Secretary of State for Communities and Local Government, on 18 December 2013.

After a period of consultation, which ended on 15 January 2014, the settlement figures were confirmed on 5 February 2014. The Local Government Financial Settlement will be debated in the House on 12 February 2014.

In addition, an illustrative settlement for 2015/16 was also released.

Settlement Funding Assessments for local authorities in England will fall by 9.4% in 2014/15 and 13.2% in 2015/16.

Spending Power in England will fall by 3.1% in 2014/15 and 2.0% in 2015/16.

The 2014/15 settlement is the second to be announced since the introduction of the Business Rates Retention Scheme (BRRS), a new funding regime for local government providing local authorities with income that is based on the amount of non-domestic rates (business rates) collected in their area.