In total, Chancellor George Osborne has agreed to fund 21 enterprise zones across the UK. Inside the enterprise zones, businesses will get up to 100 per cent discounts on rates, new superfast broadband and the potential to use enhanced capital allowances in zones where there is a strong focus on manufacturing.
“The first ten enterprise zones will be in urban areas of highest need, but also potential,” Chancellor George Osborne said.
The first ten enterprise zones will be located in:
- Birmingham and Solihull
- Greater Manchester
- the Tees Valley
- the Bristol area
- the Black Country
- Derbyshire and Nottinghamshire
This is still just a general list – David Cameron, the prime minister, and Nick Clegg, the deputy prime minister, are set to announce some of the specific locations for the enterprise zones tomorrow.
The London site for the enterprise zone is said to be Newham. A further ten enterprise zones will be announced in the summer.