Decision details

Received a report outlining the potential benefits to Barking and Dagenham of a new government scheme, currently out for consultation, which aims to create greater incentives for local authorities to promote economic development in their areas through directly retaining a proportion of business rate revenues. 

Agreed, in order to meet the consultation deadline of 31 October 2003, to:

1. The report as the basis for our response, whilst promoting Barking and Dagenham’s more radical alternative;

2. Volunteer to take part in the administrative “dry run”; and

3. Consider at the proper time, as part of the budget setting process and in relation to other priorities, allocating a part of any new funds gained under the scheme to support more economic development work by the Council.