NEWS & EVENTS
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£316 Million to Encourage Business Growth
A total of 328 Local authorities across England are to be awarded £316 million for encouraging business growth. The money is being made available through the Local Authority Business Growth Incentive Scheme (LABGI). LABGI provides financial rewards to local authorities that promote the greatest levels of continued economic / business growth in their local areas by allowing them to retain increases in revenue derived from business rates. The money is additional and the scheme encourages local authorities to build partnerships with local business and promote long-term economic sustainability in their areas. Business growth is measured in terms of the increase in a local authority's rateable value during a calendar year. This is the second year of the three year scheme which expects to see up to £1billion allocated to local authorities by 2007/08. The future of LABGI will be subject to a review of the role of local government in driving economic development, which is being undertaken as part of the Comprehensive Spending Review. Click here for more information
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