The new zones in Birmingham, Bristol, Leeds and Sheffield will accelerate local economic growth and could create over 24,000 new jobs by 2015.
The zones will benefit from discounts on business rates, new superfast broadband, lower levels of planning control and the potential to use enhanced capital allowances.
The PM made the announcement on a visit to Bristol. He said the Government was determined to “drive growth in every town, city and community”.
Mr Cameron said:
For too long our economy has been dependent on just one corner of the country and too few industries.
But it won’t be Ministers in Whitehall who can drive this growth; it will be those with the great business idea who are ready to start up, the entrepreneurs who want to grow their company, the businesses looking to expand into new markets.
That is why we are getting behind them, cutting business taxes, freeing them from red tape, easing planning restrictions and rolling out Enterprise Zones to spark business growth around the country.
Proposals for a total of 21 enterprise zones were originally set out in the Government’s Plan for Growth published by Chancellor George Osborne alongside the Budget in March.
The introduction of Enterprise Zones is just one of over 100 major reforms being taken forward by the Government to create conditions for strong, sustainable and balanced growth.
The locations of four more Enterprise Zones and a progress report showing that the Government has already met or reached significant milestones on over 100 of the 137 reforms unveiled in the Plan for Growth in March 2011 were announced today by the Prime Minister, David Cameron, and Chancellor of the Exchequer, George Osborne.
The Government has also announced plans to scrap or simplify more than 160 out of 257 regulations in the retail sector. This will free the public and retailers from rules that are unnecessarily burdensome, overly bureaucratic or completely redundant.