SPENDING REVIEW 2015: Local councils are to be handed new powers to retain the full receipts of public sector property sales in their areas.
The plans, announced by chancellor George Osborne as part of the Comprehensive Spending Review, are part of a package of new powers given to councils to help them deal with significant budget cuts.
He said councils were sitting on property valued in excess of £250bn.
Osborne also confirmed plans to allow local authorities to retain business rates receipts and give metro mayors the power to levy higher rates to pay for infrastructure.
