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Business growth earns English authorities £316m
Hundreds of councils across the country are to receive large government hand-outs for encouraging local business growth.
A slice of £316 million awaits 328 local English authorities, local government minister Phil Woolas and Treasury minister John Healey announced today (February 27th), as part of the ongoing Local Authority Business Growth Incentive scheme (LABGI).
Fifty fewer authorities received grants last year, sharing a proportion of just £126 million.
“LABGI provides substantial rewards for local authorities who encourage business growth in their areas,” said Mr Woolas. “Government is committed to devolving further power to local authorities, which will in part help them encourage business growth in their areas.”
Financial secretary John Healey added: “LABGI ensures every local authority has a direct financial incentive and reward to do more to promote enterprise, employment and the growth of local business.”
Designed to promote economic sustainability in local communities and offer a genuine incentive for authorities to encourage investment, the LABGI scheme was announced by chancellor Gordon Brown in 2002.
