Under the Local Government Finance Bill introduced last year, there are proposals to encourage local authorities to start economic growth in their area
This new legislation changes the local government finance system, with financial measures that the Government is pursuing to support local economies.
This new Bill will and I quote the Governments site
Enable local authorities to retain a proportion of the business rates generated in their area,
providing them with strong financial incentive for them to promote local economic growth.
Enable local authorities to carry out Tax Increment Finance, giving them the ability to undertake borrowing against future business rates growth, supported by the forecast tax increment that accrues from additional development.
Reference
http://www.communities.gov.uk/localgovernment/localgovernmentfinance/lgfinancebill/
Sandwell Tory said , So now its down to the Labour controlled council to see if they use this to bring back jobs and trade to help Sandwell residents it will also help reduce the debt Labour left us with
Here's the actual document
http://www.communities.gov.uk/documents/localgovernment/pdf/2146726.pdf
lets wait and see what they do?
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