Ministers have unveiled the exact location for the first four enterprise zones.
The four confirmed exact locations for the enterprise zones are:
- Boots campus in Nottingham
- Liverpool Waters
- Manchester Airport
- Royal Docks in London
In his Budget speech yesterday, Chancellor George Osborne announced the enterprise zones would include simplified planning rules, superfast broadband and tax breaks for businesses.
More details have now been released. The benefits:
A business rate discount worth up to £275,000 per eligible business over a five year period;
All business rates growth within the zone for a period of at least 25 years will be retained by the local area, to support the Partnership’s economic priorities and ensure that Enterprise Zone growth is reinvested locally;
Government help to develop radically simplified planning approaches for the zone using, for example, existing local powers to grant automatic planning permission;
Government support to ensure that superfast broadband is rolled out throughout the zone, achieved through guaranteeing the most supportive regulatory environment and, if necessary, public funding.
The government will also work with Local Enterprise Partnerships on additional options, such as enhanced capital allowances for plant and machinery, tax increment finance, and UKTI support for inward investment.
The first “vanguard” enterprise zones will be based within 11 Local Enterprise Partnerships lead by Birmingham and Solihull, Sheffield, Leeds, Liverpool, London, Manchester, the Bristol area, the Black Country, Derby and Nottingham, Teesside and the North East.
The focus of the vanguard enterprise zones is on cities and areas that have missed out in the last ten years.
“Enterprise zones will create the environment for businesses to thrive and stimulate growth in the places that have the most potential,” says Business Secretary Vince Cable. “The benefits of growth within enterprise zones will be kept within their communities, helping to drive the creation of new jobs and successful enterprises.