At the Autumn Statement on 5 December 2012, the Chancellor of the Exchequer, the Rt Hon George Osborne MP, announced that around £60 million will be made available to support the delivery of infrastructure in a number of Enterprise Zones. This is part of a larger fund for local infrastructure worth £474 million.
The Government recognises that the current tough market conditions are impacting on all Enterprise Zones. Although building work has begun on the majority of zones, the Government wants to build on these successes and help unlock sites with real growth potential. This additional funding will accelerate development, boost businesses and create jobs.
The Enterprise Zone Infrastructure Fund will be targeted at sites with real growth potential in the short term. The government will set out more details as to how this can be accessed early in the New Year. Funding will be on a loan or equity funding basis wherever possible and is available for 2013-14 and 2014-15. Linked to this the Chancellor has also announced that empty new builds will now be exempt from empty property rates (for up to 18 months) up to state aid limits between 1 October 2013 and 31 October 2016.
For more information on the Enterprise Zone Infrastructure Fund and other growth measures outlined in the Autumn Statement, please see: https://www.gov.uk/government/news/government-investment-in-local-growth-to-continue.