Monday, 22 August 2011
A wave of new enterprise zones are to be developed across Britain, in the hope of kick-starting industry and recruitment in some of England's unemployment hotspots.
The government announced on Wednesday that a total of 22 Enterprise Zones will be developed across England, with the aim of creating some 30,000 new jobs in the next four years. The areas set to benefit the most from the new centres of industry include the North East, the Midlands, the South West, East Anglia and Essex.
Business Secretary, Vince Cable, said many towns and cities in the UK had submitted applications to be awarded one of the Zones. The selected areas will have simplified planning rules, super-fast broadband and over £150m tax breaks for new businesses in an effort to attract hundreds of start-ups.
“Local Enterprise Partnerships have worked closely with businesses in their communities to put forward a range of high-quality proposals," he said. "The successful bids they will now take forward are going to help inject new growth into their economies. Across England, these Zones will generate new jobs, investment in areas that can benefit and develop high-tech products that will secure long-term sustainable prosperity."
Enhanced capital allowances will also be made available for plant and machinery investment to a limited number of Enterprise Zones in Assisted Areas, including the Tees Valley and North-East.