Visiting Plymouth’s South Yard naval dockyard, the Chancellor confirmed it has now been approved as the site for a new enterprise zone that will be focused on growing the marine industry.
The confirmation comes after an announcement earlier this year that the site would be cleared to become an enterprise zone subject to business case approval.
The South Yard naval dockyard site has already received almost £10 million in funding through the government’s City and Growth Deals and the designation of enterprise zone status could speed up development by three years.
It is estimated that the plans for the site will deliver 55,000 square metres of new floor space, providing space for hundreds of new jobs and offering a unique opportunity to develop the deep water access and facilities that Plymouth is renowned for.
Enterprise zones have already provided a major boost to the UK economy, attracting more than 15,500 jobs, attracting over 480 companies and drawing down £2 billion in private investment.
Offering top-class business incentives, including allowing local enterprise partnerships to retain all business rates growth to reinvest in local economies, the enterprise zones have transformed many derelict and challenging sites.
Chancellor of the Exchequer, George Osborne said:
The South Yard is a fantastic location for growing companies in the marine sector and in becoming an Enterprise Zone it will play a vital role in driving forward the south west economy, creating jobs and attracting investment.
The south west is right at the heart of this government’s plans to rebalance our economy and end the decades-old gap between London and the rest of the country. Today’s announcement builds on our long term plan for the region.