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News - 7 February 2005

Local Authority Business Growth Incentive Scheme (LABGI)

The LABGI scheme is intended to allow local authorities to keep a proportion of the business rates collected locally above a certain threshold. This allows Council's to reap some of the benfits of economic growth.

Each local authority has been set an annual growth target they must reach before they can benefit through the scheme based on the historical growth in the area. This council has been set a minimum growth (floor) target of 0.7% over the calendar year, if the council exceeds the target as at 31st December 2005 it will receive a proportion of the business rates collected above the target, subject to a maximum amount (ceiling).

To gauge the potential benefits of the scheme an analysis has been completed using the last three years data to establish what Brighton & Hove Council would have received if the system had been in place.

  • 2002/03 - £56,000.
  • 2003/04 - £519,000.

The City has a number of major projects that are currently underway or being considered. These could increase the overall rateable value in the City and therefore potentially generate resources through the LABGI scheme. The major projects include: - ·

  • Brighton Station 
  • Hove Park (City Park) 
  • Jubilee Street 
  • North Street Quadrant
  • King Alfred
  • Brighton Centre 
  • Preston Barracks 
  • Black Rock
  • Brighton Marina

Any resources generated through the LABGI scheme could be used to increase economic growth in the City and therefore generate further resources in the future. The final decision on the allocation of funds will rest with the local authority but it would seem compelling that some of the funds would be returned to the business community that generated them in the first place. One possible use could be to pump-prime Business Improvement Districts (BIDs).

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