UK Enterprise Zones receive funding boost
A further investment of £150 million into the UK's Enterprise Zones has been announced by the Department for Communities and Local Government.
This latest announcement brings the total amount invested into these sites to over £1 billion, with 11 Enterprise Zones set to benefit from this latest influx of funding.
Liverpool City Region Local Enterprise Partnership, Leeds City Region Local Enterprise Partnership, Northamptonshire Enterprise Partnership, Blackburn with Darwen Borough Council, the Greater Manchester Combined Authority, Sunderland City Council, East Riding of Yorkshire, Leicester City Council, Sheffield City Region, Suffolk County Council and Sandwell Metropolitan Borough Council are all in line for funding boosts.
Local growth minister Mark Prisk said: "This is more good news for enterprise zones. They are already having a positive impact in the economy, having created 3,000 jobs and attracted £230 million in private sector investment since their standing start 1 year ago.
"Their significant tax incentives, simplified planning and super fast broadband are making the country a great place to do business and rebalancing the economy by creating new local jobs and business ventures."
He added this latest announcement will provide a strong boost to delivering lasting growth in the UK economy, helping the country to continue to compete on the global stage.
According to the government's own figures, since the launch of the first Enterprise Zones across the country in April last year, these locations have delivered more than 3,000 jobs for Brits, attracting 126 new businesses to their sites and generated in excess of 105,000 sq m of new commercial floorspace.
A range of incentives are on offer for firms wishing to relocate to one of the UK's many Enterprise Zones, including a 100 per cent rates discount of up to £275,000 for five years, simplified local authority planning for certain developments, enhanced capital allowances and government grants for the installation of superfast broadband.
All business rates received from companies working out of Enterprise Zones are also to be funnelled back into local community projects for at least the next 25 years.
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