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.
Breakdown of finance by local authority:
Derbyshire Dales 185,855
South Derbyshire 300,009
Chesterfield 240,558
Amber Valley 402,205
High Peak 422,678
Erewash 259,300
North East Derbyshire 288,176
Bolsover 157,528
Blaby 193,941
Hinckley and Bosworth 518,214
Oadby and Wigston 194,011
Harborough 179,609
Melton 38,769
North West Leicestershire 21,090
Charnwood 718,413
North Kesteven 324,620
East Lindsey 484,235
West Lindsey 389,380
South Kesteven 544,229
Lincoln 423,669
Boston 455,480
South Holland 102,147
South Northamptonshire 89,854
Northampton 304,136
Corby 121,298
Daventry 375,619
Kettering 947,299
East Northamptonshire 252,526
Wellingborough 716,095
Ashfield 712,506
Newark and Sherwood 464,241
Broxtowe 253,270
Bassetlaw 444,931
Mansfield 664,124
Gedling 445,196
Rushcliffe 393,282
Rutland 96,530
Leicester 1,289,293
Nottingham 1,442,828
Derby 2,908,957
Derbyshire 1,279,164
Leicestershire 1,037,288
Lincolnshire 1,424,965
Northamptonshire 1,515,403
Nottinghamshire 1,907,750
Total 25,930,671
John Healey said:
"I am confirming payments of almost £300million 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."
Notes to editors
1. Allocations of payments announced today are available
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 - and councils were given until 16 May 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.
5. Even before this announcement, over £535m had been allocated under the scheme since it began in 2005-06.
