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Recognising the unprecedented impact the pandemic has had on councils’ income from car parks, museums and other cultural assets, the government is introducing a scheme to compensate them for these losses.
This means that all relevant losses, over and above the first 5% of planned income from sales, fees and charges, will be compensated for at a rate of 75p in every pound.
This balances the need to provide compensation given the scale of the income losses, encouraging councils to manage and minimise loss where they can and giving them the certainty they need.
In the next spending review, we will determine what support councils need to help them meet the pressures of income loss from council tax and business rates.
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