Staffordshire County Council has cautiously welcomed plans from Government to reward councils for creating jobs and growth in their areas.
Under the proposed business rates retention scheme Staffordshire County Council has agreed in principle to pool business rates with Staffordshire Moorlands District Council and Newcastle-Under-Lyme Borough Council.
The current system requires councils to collect business rates and send the money to central government, who then use a complex set of calculations to redistribute the money back to councils.
The new proposal, to be formally approved next month, would allow councils to keep more of the business rates they collect. This means that councils who encourage enterprise and growth will get more money from business rates to invest back into local areas.
This extra money would enable the county council to develop more business sites and invest in roads and transport links. It would also help to improve training and education so that local people can benefit from any new jobs on offer.
County council officers are exploring the proposals in detail to make sure that they deliver real benefits for the county, before making a final decision on pooling in December.
Also included in the proposed business rates pool are Stoke-on-Trent City, South Staffordshire and Stafford Borough Councils, as well as the Staffordshire Fire and Rescue Service.