The Probert Encyclopaedia of Money

DERATING

Derating is a scheme to encourage agriculture and industry by relieving them of a portion or the whole rates normally payable. the principle was introduced by Winston Churchill in the Budget of 1928 and incorporated in the Local Government (Derating) Act of 1929. The Act relieved agricultural land of the whole, and productive industry of three-quarters, of rates previously levied, and substituted therefor a lump sum government grant, distributed among the local authorities. The effect of derating was obscured by the subsequent industrial depression.
Research Derating