Further £300m for local business growth

The Local Authority Business Growth Incentives scheme (LABGI) delivers financial rewards directly to councils that promote economic growth in their areas, by allowing them to retain a share of increases in revenue derived from business rates. The money is not ring-fenced and is additional to the funding provided through the Local Government Finance settlement for core services. Today's announcement allocates a further share of the up to £1bn of funding available for LABGI in England and Wales.

Councils have made substantial progress in encouraging new business growth. This means authorities will receive nearly £300m of increased funding though this allocation - with potentially a further £100m in the future, which is being retained as contingency.

John Healey said:

"LABGI ensures that every council has a direct financial incentive to
promote enterprise, jobs and local business growth, helping them to boost our country's economic potential.

"This £300m is a welcome reward for the hard work they have put into generating prosperity in their areas, and an incentive to continue that strong progress in future.

"This is the final year of the 3-year LABGI scheme and my priority now is reform, with the aim of making it a permanent feature of the council funding system. I plan to publish proposals for consultation later this year"

Provisional allocations for councils in the East of England are as follows:

Local Authority	Total -  £s
Babergh District Council	154,854
Basildon District Council	172,480
Bedford Borough Council	259,295
Bedfordshire County Council	915,660
Braintree District Council	136,476
Breckland District Council	194,400
Broadland District Council	337,548
Cambridge City Council	1,343,918
Cambs County Council	1,260,260
Castle Point Borough Council	159,394
Chelmsford Borough Council	474,490
Colchester Borough Council	289,221
Dacorum Borough Council	959,624
East Cambs District Council	108,423
East Hertfordshire District Council	375,723
Essex County Council	1,301,625
Fenland District Council	390,215
Forest Heath District Council	133,105
Great Yarmouth Borough Council	529,166
Harlow District Council	27,854
Herts County Council	1,788,270
Hertsmere Borough Council	445,238
Hunts District Council	370,886
Ipswich Borough Council	423,997
Kings Lynn and West Norfolk BC	147,517
Luton Borough Council	1,185,161
Mid Beds District Council	651,493
Mid Suffolk District Council	282,110
Norfolk County Council	1,618,965
North Herts District Council	69,911
North Norfolk District Council	210,017
Norwich City Council	1,406,722
Peterborough City Council	2,060,625
St Albans City Council	392,094
St Edmundsbury Borough Council	261,756
South Beds District Council	769,222
South Norfolk District Council	8,710
Southend on Sea Borough Council	561,714
Stevenage Borough Council	114,382
Sufffolk County Council	1,601,018
Suffolk Coastal District Council	1,139,500
Tendring District Council	204,602
Three Rivers District Council	885
Thurrock Borough Council	1,788,553
Uttlesford District Council	241,055
Waveney District Council	601,129
Welwyn Hatfield District Council	353,481