Enterprise Zones are specific areas where a combination of financial incentives and reduced planning restrictions will apply. The zones are designed to encourage the creation of new businesses and jobs, thereby helping to support both local and national growth. It is believed that Enterprise Zones will give a real shot in the arm to the private sector in particular locations and that the benefits will also spread more widely to support key city-regions and other areas.
Enterprise Zones will benefit from:
- A business rate discount worth up to £275,000 per business over a five year period
- All business rates growth within the zone for a period of at least 25 years will be retained by the local area, to support the Partnership’s economic priorities and ensure that Enterprise Zone growth is reinvested locally
- Government help to develop radically simplified planning approaches for the zone using, for example, existing Local Development Order powers
- Government support to ensure that superfast broadband is rolled out throughout the zone, achieved through guaranteeing the most supportive regulatory environment and, if necessary, public funding