The location of eleven new Enterprise Zones, designed to boost local growth and create over 30,000 new jobs by 2015, were announced today by the Prime Minister, David Cameron, the Chancellor of the Exchequer, George Osborne, and the Communities Secretary, Eric Pickles.
At Budget the Government announced 11 Enterprise Zones in the country s largest cities, including Manchester, Birmingham, Merseyside and Newcastle, as well as inviting applications for 10 more in other areas.
The strength of the applications from Local Enterprise Partnerships was such that Government has agreed to increase this invitation to 11. Sites locations in Black Country, Tees Valley and the North East have also been agreed today. This brings the total to 22 Enterprise Zones across the country, helping to create thousands of new jobs by 2015. The Zones will attract hundreds of new start up firms, with simplified planning rules, super-fast broadband and over 150 million tax breaks for new businesses over the next 4 years.
Alongside the new Zones, the Government is also announcing today that it will make enhanced capital allowances available for plant and machinery investment to a limited number of Enterprise Zones in Assisted Areas, including the Tees Valley and North East. With effect from 2012, companies setting up in these areas will be eligible to claim enhanced first year allowances for plant and machinery, giving them an upfront cash flow benefit.
The introduction of Enterprise Zones is just one of over 100 reforms being taken forward as part of the Government s Plan for Growth, announced at Budget 2011, to create the conditions for strong, sustainable and balanced growth.
The second wave of Enterprise Zone will be located in:
Humber Estuary Renewable Energy Super Cluster;
Daresbury Science Campus in Warrington;
Newquay AeroHub in Cornwall;
The Solent Enterprise Zone at Daedalus Airfield in Gosport;
MIRA Technology Park in Hinckley Leicestershire;
Rotherwas Enterprise Zone in Hereford;
Discovery Park in Sandwich, Kent and Enterprise West Essex in Harlow;
Science Vale UK in Oxfordshire;
Alconbury Airfield, near Huntingdon in Cambridgeshire; and
Great Yarmouth in Norfolk, and Lowestoft in Suffolk.
Picture - Jonas Rhenberg
Ministers are urging areas that missed out today to remain ambitious and pursue their innovative ideas to foster local enterprise.
The Prime Minister, David Cameron, said:
We are determined to do everything we can to make Britain the best place in the world to start and grow a business. Enterprise Zones are a major step towards delivering this; cutting business taxes, easing planning restrictions and giving business the tools they need to invest and expand.
These new Enterprise Zones will be trailblazers for growth, jobs and prosperity throughout the country.
The Chancellor, George Osborne, added:
It is vital that we create balanced economic growth across the country. It is time for us to help every part of the country to grow and realise its potential.
Enterprise Zones are a critical part of our Plan for Growth and will support economic development and create over 30,000 new jobs by 2015. The zones will benefit from over 150 million in tax breaks over 4 years, new superfast broadband, lower levels of planning control and the potential to use enhanced capital allowances.
Communities Secretary, Eric Pickles, said:
"Too many of our towns and cities have been left behind, but the answer has never been to impose ineffective sprawling regional structures. It is local business and commerce that drive the private sector growth, jobs and wealth this country needs. This Government's job is to foster local enterprise and create the conditions for businesses to thrive in. That is why low tax, low regulation Enterprise Zones are being planted across the country and will give businesses all the incentives they need to grow their local economy and create thousands of new local jobs."
Business Secretary, Vince Cable, said:
"Enterprise Zones are creating an environment for businesses to grow in places with the most potential. Those the government is announcing today, on top of those already approved, show the range of ambitious plans in place across the country.
"Local Enterprise Partnerships have worked closely with businesses in their communities to put forward a range of high-quality proposals. The successful bids they will now take forward are going to help inject new growth into their economies.
"Across England, these Zones will generate new jobs, investment in areas that can benefit, and develop high-tech products that will secure long-term sustainable prosperity."
Source – Invest In UK