Four new Enterprise Zones confirmed

FOUR new Enterprise Zones have been announced for the region.

Confirming an announcement made by Chancellor George Osborne in the Autumn Statement, the Department for Communuties and Local Government said the areas are at: Carlisle Kingmoor Park,  Cheshire Science Corridor (Cheshire and Warrington LEP),  Greater Manchester Life Science (Greater Manchester LEP) and a proposal put forward for Hillhouse Chemicals and Energy (Lancashire LEP).

The Cheshire Science Corridor Enterprise Zone covers Cheshire East Council’s Alderley Park, Birchwood’s nuclear hub in Warrington, Ellesmere Port and Thornton Science Park in Cheshire West.

Minister for local growth and the Northern Powerhouse James Wharton said:
“Enterprise Zones are creating thousands of jobs, attracting billions of pounds of investment and the announcement by the Chancellor is a ringing endorsement of the contribution they are making to the economy. As part of our long-term economic plan it is only right we allow more to share our national success.

“The government is building on the success of the existing 24 Enterprise Zones which by the end of last year alone had attracted 19,000 jobs. This new round of Enterprise Zones – which includes seven new zones in the Northern Powerhouse – will mean even more areas and businesses will be able to benefit from the support they bring.”

Businesses basing themselves on Enterprise Zones can access a number of benefits: business rate discount worth up to £275,000 per business over a five-year period; enhanced capital allowances (tax relief) worth millions to businesses making large investments in plant and machinery, while Local Enterprise Partnerships can retain 100% retention of business rate growth to enable them to fund development on the zone.

In total there will now be 44 Enterprise Zones in England – 18 new, 24 existing (of which eight have extensions), plus Blackpool Airport and Plymouth Enterprise Zones which were previously announced in March.

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