Business Rates Retention System (BRRS)
Tower Hamlets Council is exploring using the Business Rates Retention System as an incentive for a major £3 billion development in Canary Wharf.
In March 2026, Tower Hamlets Council's Cabinet approved a Memorandum of Understanding with JP Morgan Chase to explore using a business rates incentive mechanism, potentially the Business Rates Retention System, for a £3 billion development in Canary Wharf. This aims to secure a significant investment expected to create 3 million sq ft of office space.
Early modelling suggests that the retained business rates from this development could generate a return of £1 billion to £1.6 billion for the council over a 25-year period. The Business Rates Retention System allows local authorities to keep a portion of the business rates collected in their area.
Key facts
- Tower Hamlets Council's Cabinet approved an MOU with JP Morgan Chase in March 2026. Source
- The MOU explores a business rates incentive mechanism, potentially through the Business Rates Retention Scheme. Source
- Early modelling suggests a return of £1bn-£1.6bn over 25 years through retained business rates. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 30 September 2026. Spotted a mistake? Email community@opencouncil.network.