Chancellor announces plans for two new Enterprise Zones
The Government is inviting Lancashire and Hull and Humber Local Enterprise Partnerships to develop proposals for two new Enterprise Zones.
The Government is inviting the Lancashire and the Hull and Humber Local Enterprise Partnerships to develop proposals for two new Enterprise Zones, the Chancellor has announced.
This announcement is in response to the recent announcement by BAE Systems on their sites in Brough, Warton and Samlesbury.
The Government will work closely with the Local Enterprise Partnerships to develop strong and viable proposals for enterprise zones, with a view to enabling the zones to be up and running by April 2012.
Notes for Editors
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The introduction of Enterprise Zones will help to create thousands of new jobs by 2015. 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 4 years.
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The two new Enterprise Zones will benefit from:
- A 100% business rate discount worth up to £275,000 over a five year period, for businesses that move into an Enterprise Zone during the course of this Parliament;
- All business rates growth within the zone for a period of at least 25 years will be retained and shared by the local authorities in the Local Enterprise Partnership area to support their economic priorities;
- Government and local authority help to develop radically simplified planning approaches in the zone; and
- Government support to ensure superfast broadband is rolled out in the zone. This will be achieved through guaranteeing the most supportive environment and, if necessary, public funding.
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Further details will be announced by the Department for Communities and Local Government after the partnerships have submitted their site proposals.
Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk
Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.