| Published | 26 June 2008 |
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Local Government Minister John Healey today confirmed that 371 councils will share almost £300m as a reward for successfully promoting economic growth in their areas.
Councils are able to spend this additional funding from the Local Authority Business Growth Incentives scheme (LABGI) as they see fit according to local priorities. It follows a consultation on provisional allocations announced in April.
The good progress that councils have made in encouraging new business growth means we have been able to confirm payments for the third year of this special three year scheme.
John Healey said:
"I am confirming payments of almost £300m for councils which they can spend as they see fit according to their local priorities. This rewards the work they've done to boost their local economies and aims to encourage councils to play a bigger role in backing business and new jobs in their area.
"Over the last three years this scheme has made a real difference to local communities, so I want to ensure that we continue to provide an incentive for local authorities to promote local business growth."
1. Allocations of payments announced today are available at: http://www.local.communities.gov.uk/finance/labgi/seconddtmn0708.pdf (external link).
2. This funding consists of additional payments for Years 1 and 2 of the scheme, alongside allocations for Year 3 - totalling almost £296.2m.
3. Additional payments for Years 1 and 2 take account of all Valuation Office Agency change codes which record an increase in rateable value. This methodology is replicated for Year 3 of the scheme.
4. Provisional allocations under the scheme were announced on 2 April 2008 - and councils were given until 16 May 2008 in which to make representations. The Department has considered these representations and, in a small number of cases, has adjusted payments. Adjustments have been made in response to specific points raised by local authorities, or in relation to a previous overpayment. However, it has satisfied itself that the published methodology was correctly applied, and the vast majority of authorities will receive a payment identical to that first proposed on 2 April 2008.
5. Even before this announcement, over £535m had been allocated under the scheme since it began in 2005-06.
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