Thirteen enterprise zones have been green lighted to receive the new money for 18 projects to build service roads, car parking and other infrastructure, transforming ‘shovel ready sites into job ready sites’.
The fund is designed to help zones reach their real growth potential faster as economic engine rooms of local economies. Following a competitive bidding process the successful proposals will now undergo further testing to ensure value for money for the taxpayer.
Enterprise zones have already created 3,000 new jobs, attracted 126 businesses, generated 105,000 square metres of new commercial floorspace and secured almost £229 million of extra private sector investment.
Communities Secretary Eric Pickles said:
“Enterprise zones are stimulating job creation and economic growth in different parts of the country with their special package of incentives to attractive new business ventures.
“The government is putting its money where its mouth is and making sure enterprise zones have the buildings and infrastructure they need to make sites ready for business to set up in.
“Enterprise zones are proving extremely popular with business – they have already created over 3,000 jobs for local people – a 75% increase in just 5 months – and many more will be coming down the pipeline because of this new support.”
Additional enterprise zone benefits for business include:
- Britain now has the lowest corporation tax in the G7
- each zone was carefully located in a major business cities or place set to become commercial or hi-tech business hubs
- each zone has a specific focus so potential customers and suppliers can easily see where like-minded businesses, supply chains and workforce expertise are
- local councils are committed through new financial incentives from government
- ‘soft landing’ packages with pre-agreed developer deals, accountants or estate agents make it even easier to set up a business
For more information including which Zones are benefiting from the funding see: https://www.gov.uk/government/news/enterprise-zone-activity-to-sky-rocket-with-100-million-for-building.