Local growth: realising every place's potential

Local growth: realising every place's potential

In October 2010 the government published a White Paper ‘Local growth: realising every place’s potential’. It sets out the government’s approach to local economic growth.

The main points include:

• The establishment of 24 government-approved Local Enterprise Partnerships (LEPs) and more detail on the role LEPs will play in stimulating economic growth
• How different economic development functions will be delivered and at what spatial level, once Regional Development Agencies (RDAs) are abolished
• A range of incentives for local authorities to promote economic growth including the introduction of Tax Increment Finance and a New Homes Bonus. The Government is considering a Business Increase Bonus scheme where local authorities retain some business rates on a six year rolling basis if they achieve a sufficient increase in business rates yield. However, it will also consult on the more radical option of localising business rates as part of a Local Government Resource Review starting in January 2011. The government is initially asking a number of questions about these incentives, with a response date of 1 December 2010
• It provides more details of the Regional Growth Fund (RGF), launching the first round of bidding with a closing date of 21 January 2011.