Eleven new Enterprise Zones are announced
17 August 2011
Prime Minister David Cameron, Chancellor of the Exchequer, George Osborne and Communities Secretary, Eric Pickles have revealed the location of eleven new Enterprise Zones, designed to boost local growth and create over 30,000 new jobs by 2015. At Budget the Government announced eleven Enterprise Zones in some of the country's largest cities, including Manchester, Birmingham, Merseyside and Newcastle, as well as inviting applications for ten more in other areas.
The location of Zones in the Black Country, Tees Valley and the North East have also been agreed, bringing the total to 22 Enterprise Zones across the country. It is hoped that 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 four years.
Alongside the new Zones, the Government says 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.
This 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.
Ministers are urging areas that missed out today to remain ambitious and pursue their innovative ideas to foster local enterprise.
For more information, click here. For more information about the exact location of Birmingham, Bristol, Leeds and Sheffield Enterprise Zones (made in late July), click here.