From 2013 onwards, it has been revealed by the government that local councils will get the power to financially incentivize businesses to move in and locate in their regions.
This will effectively give councils more individual control over where to invest money and resources when attempting to attract new business and jobs.
As it stands currently, the rates charged by local authorities to business, equating to £19 billion, is collected together into a national pot and allocated evenly. This money then helps fund crucial local services, including the fire brigade and the police.
Fears have already been raised that the new system might cause poor areas to be further cut adrift from better-off, already ‘business-friendly’ areas.
However, Communities Secretary Eric Pickles insisted it would be a “balanced” system, which would create incentives to ambitious councils whilst ensuring the poorer and vulnerable are protected.
Skipton Business Finance has a successful record of helping fund ambitious businesses who are looking to expand their operations across the country.
If you’re an SME and would like to discuss how invoice finance can help your business grow, please get in touch with us today.