Services in the Melton borough will benefit from a pilot scheme which will unlock £14million of funding.
Leicestershire and the city of Leicester have been chosen to take part in an initiative which will allow councils to spend more of the money collected in business rates.
Councillors used to be able to spend 50 per cent of the rates but that figure will be bumped up to 75 per cent in the pilot project, which Secretary of State James Brokenshire is trialling in just 15 areas of the country.
The extra cash will be used across the county to help with a growing demand for children’s social care and homelessness support, provide infrastructure for new homes and businesses and invest in the city and town centres such as Melton.
Leader of Melton Council, Councillor Joe Orson, said: “The announcement that the Leicestershire business rates pilot bid has been successful is fantastic news and will allow a significant portion of the business rates that are raised locally to be retained locally and invested in the Leicestershire area. “Melton will be looking at how its share can be used to benefit the local area by investing in regeneration projects.”
Nick Rushton, leader of Leicestershire County Council - the lead authority for the bid – said: “This is great news.
“Growing demand for children’s social care is a big challenge for local government and this money enables us to explore how we can reduce costs whilst improving lives.
“The city and county are expanding too and business is booming.
“With 187,000 new homes planned by 2050 and more businesses setting up shop here, it’s important we invest in roads, transport and the other key building blocks required to support this growth.”