Enterprise Zones get funding in £415m package for business

YORKSHIRE’S three Enterprise Zones are set for a multi-million pound boost as part of £415m of Government support for business.

The funding package includes £300m to give 300,000 small retail firms £1,000 off their next tax bill and £15m to establish new University Enterprise Zones in eight main cities including Leeds and Sheffield.

Enterprise Zones in Humber, Sheffield and Leeds have all been shortlisted to receive funding for critical infrastruture projects:

• In the Humber the Able Marine Energy Park (AMEP) has secured £14.94m towards the £440m development project to make The Humber Energy Estuary the centre of the global offshore wind industry. By 2020, 1,300m of quays and 4,100 new jobs should have been created;
• The Sheffield City Region’s Enterprise Zone will receive up to £14.2m to speed up delivery of vital infrastructure at Markham Vale, the business and industrial park off the M1. The grant will generate a further £95.7m of private sector investment, create more than 2,100 jobs and build new access roads, around 16,720 sq m of commercial floorspace, and unlock a further 33 hectares of land for development;
• In Leeds, the Aire Valley Enterprise Zone is set to receive up to £8.57m for remediation and infrastructure work that will attract advanced manufacturing and supply chain companies, creating 630 new jobs and delivering 33,000 sqm of new commercial floorspace in the long term.

Lord Haskins, chairman of the Humber LEP, said: “The energy park project is a critical part of our plans for growing the Humber as the UK’s energy estuary.

“The work getting underway will provide further confidence to investors for the site and begin its transformation, which will increase the region’s capacity to supply the needs of the offshore wind sector.”

Peter Stephenson, Able’s executive chairman, said: “The grant offer is another very clear indication of the high level of Government support for the AMEP project and underlines the critical role that the development will play for the UK’s renewable energy sector. Furthermore it reflects the very significant economic impacts that AMEP will have locally, regionally and indeed nationally.”

James Newman, chairman of the Sheffield City Region LEP, said: “The UK economy will be getting an excellent return on this investment from Government which will help to unlock more than £80m of new business investment and over 2,000 new jobs for the Sheffield City Region.

“The Government’s decision to invest £14 million in our Enterprise Zone will be welcomed by international investors looking to set up in the Sheffield City Region. This important funding will enable us to meet unmet investor demands by making improvements to our Enterprise Zone at Markham Vale, including medium-sized business units and developing larger areas for bigger investors.”

Roger Marsh, chair of the Leeds City Region LEP, said: “We’re delighted to have secured this significant capital grant, which will enable us to take an important step forward in unlocking the potential of the Aire Valley Leeds enterprise zone to create thousands of jobs over the next decade, leverage millions of pounds of additional private investment and provide a focus for inward investment and employment creation across the City Region.

“This is another example of central government placing meaningful investment in local hands to boost the region’s diverse economy and help us play our full role in driving national growth.”

The Government’s support for 300,000 small retailers will see them each get £1,000 off their business rates.

New guidance for local authorities published today spells out which high street businesses will be entitled to the new discount.
Retail premises are eligible for a £1,000 discount in 2014 to 2015 and 2015 to 2016. These businesses must also be occupied and have a rateable value, used to calculate bills, below £50,000.

Councils should now automatically include the discount in the business rate bills they are sending out shortly so all eligible businesses receive their centrally funded tax break. Business specifically excluded include payday lenders, betting shops and pawn brokers.

This discount can be used on top of other measures announced by the Chancellor, that will come into effect in April, to reduce the tax burden on small business.

Communities Secretary Eric Pickles said:  “As part of our long term economic plan, we are backing business and enterprise right across the country, helping town centres and local industries to prosper, and building a stronger economy.

“This money for infrastructure will transform acres of Enterprise Zone land and build a stronger, more competitive business environment that will create up to 3000 jobs for hardworking people across the country.

“While our fully funded £1,000 retail discount will make a huge difference to 300,000 of the essential small shops and local traders we find in our town centres across the country.”