A SERIES of new ‘enterprise zones’ is set to be created in a new £100m Government initiative.
The enterprise zones are 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 Tory’s Spring Conference in Cardiff, 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 the top, we want Britain to be the winner.”
Mr Osborne said in the Budget later this month he would introduce enterprise zones in “parts of Britain that have missed out in the last 10 years”.
He added: “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 Spring Forum that he is preparing to cut fuel duty in the Budget.
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