Osborne unveils Enterprise Zones plan
A SERIES of new ‘Enterprise Zones’ is set to be created in a new £100m Government initiative.
The location of the zones is expected to be concentrated in the North and Midlands and will offer businesses tax breaks and be subject to less stringent planning rules in a revival of a policy tried by the last Conservative government.
In a speech at the weekend, Chancellor George Osborne said in recent years private sector growth had become focused on the South East and the financial services sector.
“We need other parts of Britain, and other sectors of our economy, to grow and succeed. Wouldn’t it be good if Britain made things again?
“We want to see a manufacturing revival. In the world economy’s race to top, we want Britain to be the winner.”
Mr Osborne said in the Budget later this month he will introduce enterprise zones in “parts of Britain that have missed out in the last 10 years.”
“They will be centres for new businesses and new jobs where taxes will be even lower and more restrictions on growth removed. They will be in places in our land with great potential – but which need that extra push from government and local communities working together.”
Mr Osborne also strongly hinted in his speech at the Conservative Party Spring Forum that he is preparing to cut fuel duty in the Budget.
* A NEW £50m fund to help businesses develop their workforces’ skills was launched by the Government this morning.
The Growth and Innovation Fund is designed to help employer groups overcome barriers to growth in their sectors and industries.
Business Secretary Vince Cable said: “This government understands that to rebalance and grow our economy, we need to tackle the skills shortages that hold companies back. Through this fund, we will support employers that take collective action to overcome these blockages to expansion.
“By putting the employer voice at the heart of the process, we will reward inventive approaches to training that deliver real help to get business moving.”
Employer groups, such as professional bodies and trade associations, will be able to apply to the fund which will be delivered by the UK Commission for Employment and Skills and the Skills Funding Agency.
