Rate Capping

Rate Capping

A former policy of the British government that restricted the taxes that local councils were able to levy. Rate capping began with about 18 councils deemed to be overspending, and was later extended to other councils. Rate capping led to the rate capping rebellion over the 1985-1986 local budgets, in which some local governments refused to abide by the restrictions (though most eventually backed down). Rate capping was formally abandoned in the late 1990s.
References in periodicals archive ?
50 lows when the they were on a free fall due to fears of reduced returns during the early days of rate capping.
This was not entirely unexpected as during the interest rate capping debate in 2016, Njoroge had opposed the move noting that it went against the principles on which the Kenyan economy had been based since in- dependence.
It was in early March this year that the initial signs of the impact of the interest rate capping began to be seen and felt as decreased lending became evident.
which said, "The rate capping provisions, in addition to language that assures a low cost Basic Service Tier, show a commitment to providing quality services at prices the public can afford.
By CHARLES MWANIKIThe Kenyan government has promised the International Monetary Fund (IMF) a repeal of the interest rate capping law, leaving consumers in a cloud of uncertainty over the future cost of loans.
The World Bank wants the rate capping law, partly blamed for a slowdown in credit growth, reversed, but with more policy reforms to improve access to credit and financial inclusion.