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Councils to receive financial reward for encouraging business
28/02/2007
Councils in England which have encouraged business growth in their respective areas are to receive financial rewards, it has emerged.
Under the Local Authority Business Growth Incentive (LABGI) scheme, some 328 local authorities across the country will be given £316 million for their work in supporting business development, the government has announced.
Local government minister Phil Woolas and Treasury minister John Healey made the programme, which is in its second year, public today.
Mr Woolas described the LABGI as a way of providing "substantial rewards" to local authorities, as well as giving them more power.
Additionally, the move will help the nation's economy in the long-term, according to Mr Healey.
He said: "If we are to draw on the full economic potential of our country, promoting long-term growth, enterprise and jobs, as well as tackling the disparities in economic performance between and within the regions and nations of the UK, local authorities have a vital role."
It is hoped that the scheme will allow local authorities to build stronger links with companies in their regions.
Under the Local Authority Business Growth Incentive (LABGI) scheme, some 328 local authorities across the country will be given £316 million for their work in supporting business development, the government has announced.
Local government minister Phil Woolas and Treasury minister John Healey made the programme, which is in its second year, public today.
Mr Woolas described the LABGI as a way of providing "substantial rewards" to local authorities, as well as giving them more power.
Additionally, the move will help the nation's economy in the long-term, according to Mr Healey.
He said: "If we are to draw on the full economic potential of our country, promoting long-term growth, enterprise and jobs, as well as tackling the disparities in economic performance between and within the regions and nations of the UK, local authorities have a vital role."
It is hoped that the scheme will allow local authorities to build stronger links with companies in their regions.