York to get one of 26 enterprise zones for its Central scheme

Enterprise zones benefit from fewer planning and development restrictions as well as business rate benefits.

Leader of City of York Council, Chris Steward, said: “This is excellent news for the city and a clear demonstration of what the Northern Powerhouse means. Enterprise Zone status means we will be able to drive forward the development and see significant business growth on the site.”

Other measures to encourage business announced by the Chancellor include a 12-month extension of the small business rates relief scheme, which has been welcomed by SMEs and the commercial property sector.

The scheme exempts certain rate payers from paying any business rates and reduces the amount paid by others (around 400,000 pay no business rates at all).

Chris Burgess, a regional chairman of the Federation of Small Businesses, which campaigned for the extension, said: “The Government has listened to the FSB’s calls for small business rate relief to be extended for another year, which is to be welcomed.”

One property sector insider said it was almost inconceivable that the Chancellor would not extend this additional relief for small businesses and it will be welcomed by all who currently benefit from it – thought to be around 600,000 businesses.