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Cabinet resolved
to note the action taken by the Chief Executive, in
accordance with the Urgent Action procedures set out in Part 2,
Chapter 16, paragraph 4 and the Special Urgency provision under
Part 2, Chapter 17, paragraph 15 of the Council Constitution, in
relation to:
 
(i)  Agreeing
that the Council enters into the Memorandum of Understanding with
Thurrock and Havering Councils, as set out in an appendix to the
report, for the establishment of a three-borough Business Rates
retention pool, and that the application be submitted to DLUHC by
its deadline of 10 October 2023;
 
(ii)  Noting that
the application does not commit the Council to the pool as there is
a “cooling-off” period of 28 days from the announcement
of the draft Local Government Financial Settlement for 2024/25
during which any of the parties can withdraw; and
 
(iii)  Delegating authority
to the Strategic Director, Finance and
Investment, in consultation with the Cabinet Member for Finance,
Growth and Core Services, to make the final decision to enter the
pooling arrangement in 2024/25 and subsequent years, prior to the
expiry of the cooling off period, and to enter into all necessary
or ancillary agreements to fully implement and effect the
proposals.