LABGI

AcronymDefinition
LABGILocal Authority Business Growth Incentives (UK)
References in periodicals archive ?
Bob Cook, Stockton Council's cabinet member for regeneration and transport, said the authority was due to receive pounds 96,000 over the next 12 month from LABGI.
He said: "In the past, LABGI funding has been used alongside other Area Based Grants on schemes and projects to benefit the whole borough.
As the pounds 50 million from the LABGI scheme is 'unringfenced', according to the Department for Communities and Local Government, councils should use this money to pay for hardship business rate relief for struggling business," said the forum's rates adviser Andrew Bacon, of LeaseholdersUnited.
While an improvement, the LABGI scheme is unlikely to achieve its basic objectives without more fundamental changes that also deal with some of the flaws in the way business rates are assessed.
At the start of the LABGI scheme, each authority's historic growth rate over the previous eight years was calculated.
This is the final year of the three-year LABGI scheme and my priority now is reform, with the aim of making it a permanent feature of the council funding system.
Funding for the projects comes from the Government's LABGI (Local Authority Business Growth Incentive) initiative.
She said: "I am delighted to announce that, following a review of the first year of LABGI, in future we are abolishing the ceilings and increasing the potential for greater financial reward.
Authorities have received more than two-and-a-half times the pounds 126m of grant paid last year, and 50 more authorities have received LABGI grants this year.