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:
- The report as the
basis for our response, whilst promoting Barking and
Dagenham’s more radical alternative;
- Volunteer to take
part in the administrative “dry run”; and
- 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.