TWO enterprise zones will be created in the region, with a third extended, following the Chancellor’s Autumn Statement yesterday.
George Osborne announced the creation or extension of 26 zones and the Government has now announced their locations, with seven being inside the Northern Powerhouse.
The Humber Enterprise Zone is being extended. It will provide commercial space to further support growth in the offshore wind energy, ports and logistics, and address the need to make commercial space available in the city centre to the accommodate the expansion of creative and digital and tourist sectors that are linked to the 2017 City of culture status.
Leeds City Region will benefit from the M62 Corridor Enterprise Zone, a new site focussing on advanced manufacturing across four local authority areas, Bradford, Calderdale, Kirklees and Wakefield.
York Central, as released yesterday, will develop an Enterprise Zone next to York station, focused on rail, engineering and professional services, extending the central business district of York, developing the area around the station and aligned to the development of a neighbouring Housing Zone.
Minister for Local Growth and the Northern Powerhouse James Wharton, said: “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.”
The benefits of Enterprise Zone status include businesses being able to access a business rate discount worth up to £275,000 per business over a five-year period and receive tax relief on large investments in plant and machinery. The Local Entreprise Partnerships also retain all of the business rate growth within the zone.
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