LABGI

AcronymDefinition
LABGILocal Authority Business Growth Incentives (UK)
References in periodicals archive ?
Middlesbrough Council has received more than pounds 2m in LABGI grants since the scheme was set up.
"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.
"This money helps all councils put money into their local economies to help build the upturn.'' The pounds 161,000 for Northumberland is part of a new, pounds 50m national LABGI programme.
The pounds 50m takes total spending under the LABGI scheme - designed to reward councils that achieve business growth - to more than pounds 1bn over the last five years.
The LABGI scheme allows local authorities to keep part of their business rates to fund schemes which encourage economic growth.
"LABGI provides substantial rewards for authorities who encourage business growth.
Andrew Bacon, of LeaseholdersUnited, rates adviser for The Forum of Private Business, said: "As the funds from the LABGI scheme is 'un-ringfenced' the councils should use this money to pay for hardship business rate relief for struggling business."
A total up to pounds 1bn is available for LABGI in England and Wales, with pounds 100m of this potentially up for grabs in the future.
Funding for the projects comes from the Government's LABGI (Local Authority Business Growth Incentive) initiative.