The recent Budget announced the plan to create 21 Enterprise Zones across England. The exact locations of the first four zones have now been named, along with the general areas where seven further zones will be located. Ten further Enterprise Zones remain to be selected.
Enterprise Zones will have potential to create new businesses and jobs with wider economic benefits. Each zone will benefit from:
- tax breaks for businesses – including a business rate discount worth up to £275,000 per eligible business over a five year period
- simplified planning rules
- the roll out of super-fast broadband
Areas to Benefit
The focus of the first wave of enterprise zones is on cities and areas with “untapped potential”. The four confirmed enterprise zone sites are:
- Nottingham – the Boots campus
- Liverpool – Liverpool and Wirral Waters
- Manchester – Airport City
- London – Royal Docks
Seven local enterprise partnerships which will have an enterprise zone in their area were also named in the Budget. These partnerships are:
- Birmingham and Solihull
- Sheffield City Region
- Leeds City Region
- Western England
- Black Country
- Tees Valley
- North Eastern
Ten further zones are to be selected.
Local enterprise partnerships are being invited to bid to host the ten remaining zones. The winning bids will be announced in the summer.
1st April 2011