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Business growth scheme important for economy, FSB says

Jul 01 2008

Business growth scheme important for economy, FSB says

Maintaining a scheme which rewards local councils for successfully fostering fledgling entrepreneurs is important for the British economy, according to the Federation of Small Businesses (FSB).

The FSB says that the Local Authority Business Growth Incentive (LABGI) has helped those wishing to start their own firm and should be extended and improved.

Under the scheme, local authorities have been given cash rewards for promoting enterprise in their area.

Roger Culcheth, FSB local government chairman, calls the scheme a 'great success' and calls for funds to be ring-fenced to support future small businesses.

He explains: 'Extending and improving the existing LABGI scheme would be a shot in the arm for the 4.5 million small businesses that generate over half of the UK's wealth.'

Last week local government minister John Healey announced that nearly £300 million would be distributed among 371 councils as a result of their promotion of enterprise in their area.

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