The Coalition Government has announced the introduction of Enterprise Zones. Zones have already been announced within the following Local Enterprise Partnership (LEP) areas: Birmingham and Solihull; Leeds City Region; Sheffield City Region; Liverpool City Region; Greater Manchester; West of England; Tees Valley; North Eastern; the Black Country; and Derby, Derbyshire, Nottingham, Nottinghamshire and London.
The following locations within these areas have subsequently been confirmed as Enterprise Zones:
- Boots campus in Nottingham.
- Liverpool Waters.
- Manchester Airport.
- London Borough of Newham`s Royal Docks.
A competitive process for interested LEPs to establish more Enterprise Zones will be launched.
The Government will make a range of policy tools available to all zones including:
1. A 100% business rate discount worth up to £275,000 over a five year period for businesses that move into an Enterprise Zone during the course of this Parliament;
2. All business rates growth within the zone for a period of at least 25 years will be retained and shared by the local authorities in the LEP area to support their economic priorities;
3. Radically simplified planning measures will be implemented, although the Budget Report does not actually state what these will be. It is anticipated that one potential measure may be the granting of Local Development Orders within each zone, which will provide deemed planning permission for specific development or specified classes of development; and
4. Superfast broadband, which will be achieved through guaranteeing the most supportive planning environment and, if necessary, public funding.
The Enterprise Zones will only apply to LEP's and as yet the Humber region does not benefit from having an LEP, unlike York which already forms part of the North Yorkshire and Enterprise M3 LEP. It has however been publicised following the Budget that Hull will potentially become part of two LEPs, including a pan-Humber LEP (taking in the north and south bank ports) and a North Bank LEP (incorporating Hull, East Yorkshire and Scarborough).
This article is for general guidance only. It provides useful information in a concise form. Action should not be taken without obtaining specific legal advice.