3SC contributes a GVA (Gross Value Added) of over £67.3 billion to the UK economy each year – that’s almost £20 billion more than whole of Wales and £17 billion more than Greater Manchester. We currently raise over £1.0 billion in business rates, £1.4 billion in council tax and generate around £700 million in Stamp Duty annually. However little of this is retained in our area.
Under-investment in our infrastructure, such as roads and rail, puts the current strength of our economy at risk and constrains future growth potential. If we don’t increase investment in infrastructure, we estimate there will be an infrastructure deficit of £11 billion by 2030.
How would devolution help?
Our proposals will bring rewards for the 3SC, for the UK and the Exchequer– including more housing, more business growth, inward investment, reduced benefits spend, more buoyant tax revenue (nationally and locally).
The right deal will allow us to deliver:
- approximately 120,000 new homes
- 142,000 new jobs
- an annual fiscal dividend to the Government of £1.1 billion by 2030.
Fiscal and investment workstream
The Fiscal and Investment workstream is made up of officers from across the partner authorities and is led by:
CEO Sponsor: John Jory, Reigate & Banstead Borough Council
Workstream lead: Peter Lewis, West Sussex County Council