Enterprise Zone status will boost Coventry & Warwickshire says LEP
A NEW Enterprise Zone for Coventry and Warwickshire will be the most significant driver for economic development in the area for many years, the area’s Local Enterprise Partnership has said.
The LEP is pinning its hopes on the Government approving its proposal for an EZ based on land adjacent to Coventry Airport and the Tollbar A45/A46 junction.
The proposal would take advantage of the £250m regeneration of the airport being proposed by new owner Sir Peter Rigby.
The Government’s deadline for submissions for the second round of EZ bidding expired at the end of June. In total 27 bids have been submitted from LEPs around the country – six in the West Midlands.
Denys Shortt, chairman of the Coventry and Warwickshire LEP, said: “The Coventry and Warwickshire Gateway Enterprise Zone is the most important business development to in our region for many years. We believe we have an extremely strong case for an Enterprise Zone, which meets all the Government criteria and more.
“This exciting development will create up to 14,000 new jobs; 4,000 of which will be accelerated. These much needed job opportunities will match the existing as well as future skills of the local population. Also, because this zone is of such strategic importance to our entire sub-region, it will unlock the potential of several other major development and job creating schemes, which are raring to go.”
He said the location was perfect for helping to stimulate the Coventry and Warwickshire economy. It would attract successful companies to expand to high-quality accommodation, benefiting from EZ incentives such as lower rates and high speed broadband.
“Not only will the plan see the creation of business parks offering great employment opportunities but the development of the gateway itself will be a key economic driver for the future of Coventry and Warwickshire,” added Mr Shortt.
The bid was boosted by the 11th hour support of Warwick District Council, which voted unanimously to back the LEP proposal.
If successful, the land designated will benefit from other measures including exemption from business rates for five years and from a simplified planning system.
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