Date: 09 April 2008 20:31

CASH BOOST FOR CAMBRIDGESHIRE BUSINESS GROWTH

The County Council has been awarded more than £1 million as a reward for its 
efforts to develop the business base in Cambridgeshire.

This year's allocation of £1,187,539 million for Cambridgeshire brings the 
County Council's total three-year funding package to £1,260,260. The money 
is paid from the Government's Local Authority Business Growth Incentives
scheme (LABGI).

The Cambridgeshire cash is part of a £300 million government handout to 
local authorities in reward for their efforts to boost business growth.

The LABGI funding was announced by Local Government Minister John Healey, 
who said: "LABGI ensures that every council has a direct financial incentive 
to promote enterprise, jobs and local business growth, helping them to boost 
our country's economic potential.

 "This money is a welcome reward for the hard work they have put into 
generating prosperity in their areas, and an incentive to continue that 
strong progress in the future."

 The Local Authority Business Growth Incentives scheme delivers financial 
rewards directly to the councils that promote economic growth in their 
areas, by allowing them to retain a share of increases in revenue derived 
from business rates.

The money is not ring-fenced and is additional to the funding provided 
through the Local Government Finance settlement.

County Council Cabinet Member for Corporate Services, Councillor John 
Reynolds, said: "This significant funding is a reflection of the County 
Council's efforts to encourage business across Cambridgeshire and the way 
the local authority works in partnership with the business community at 
every level to encourage economic well-being and development within the 
county.

"The County Council also works alongside support organisations such as The 
Greater Cambridge Partnership to drive our business economy forward and to 
encourage new businesses to the county and encourage existing ones to
develop and expand."

John Reynolds