Announced in the Autumn Statement 2015, these new zones support businesses, helping budding entrepreneurs to start and established companies to grow. They offer business rates discounts and additional tax breaks, backed by a simplified local planning process.
In addition, 2 Enterprise Zones – the west of England LEP (Local Enterprise Partnership) and the New Anglia LEP – have expanded to benefit more places and communities.
These new Enterprise Zones bring the total to 48 in England. They will build on the success of current zones, which have attracted more than £2.6 billion of private investment and more than 700 new businesses. It means more than 29,000 jobs have been created across a range of key industries since their launch in 2012.
Local Growth Minister Andrew Percy said:
Our modern Industrial Strategy is about creating the right environment for businesses to grow - Enterprise Zones are making sure this happens across the country.
This is a key part of our Plan for Britain, creating a stronger economy that works for everyone. These 12 new Enterprise Zones will help even more businesses to set up and grow. I’m confident they will build on the success we’ve already seen over the past 5 years.
Support for growing business
Enterprise Zones are central to the government’s Industrial Strategy. They will help businesses up and down the country seize the opportunities presented by leaving the European Union.
Each Enterprise Zone is unique, building on the strengths of each area. They support some of the country’s most vital industries including manufacturing, technology and renewable energy.
The zones going live include:
M62 Corridor Leeds City Region: in a boost to the Northern Powerhouse, the Zone will capitalise on the area’s strong manufacturing industry and focus on digital technology, automotive engineering, textiles and glass making
North Kent Enterprise Zone: with 3 sites covering Ebbsfleet Garden City, Kent Medical Campus and Rochester Airport Technology Park, the Zone will focus on the life sciences sector
DY5 - Dudley’s Business and Innovation Enterprise Zone: a new tech office hub for the Black Country will support development of Britain’s advanced manufacturing heartland in the Midlands Engine; it will have easy access to surrounding industrial sites as well as central Birmingham, national and international connections
Cornwall Marine Hub: located over 3 sites at Hayle, Tolvaddon and Falmouth Docks, the Zone will establish Cornwall and the Isles of Scilly as a global centre for the marine renewable energy sector
The Enterprise Zones launching were announced at Autumn Statement 2015 and are:
- M62 Corridor (Leeds City Region LEP)
- North East Round 2 (North East LEP)
- York Central (York, North Yorkshire and East Riding LEP)
- Brierley Hill (DY5 - Dudley’s Business and Innovation Enterprise Zone)
- Loughborough and Leicester (Leicester and Leicestershire LEP)
- Cornwall MarineHub (Cornwall and Isles of Scilly LEP)
- Dorset (Dorset LEP)
- Heart of the South West (Heart of the South West LEP)
- An extension to the West of England LEP Enterprise Zone
South East and East
- Enterprise M3 (Enterprise M3 LEP)
- Enviro-Tech (Hertfordshire LEP)
- Newhaven (Coast to Capital LEP)
- North Kent Enterprise Zone (South East LEP)
- An extension to the New Anglia LEP Enterprise Zone
Businesses basing themselves on Enterprise Zones can access a number of benefits:
- business rate discount worth up to £275,000 per business over a 5-year period
- generous enhanced capital allowances (tax relief) worth millions to businesses making large investments in plant and machinery
- 100% retention of business rate growth for the Local Enterprise Partnership, to enable them to fund development on the Enterprise Zone