Enterprise zones boost business in the Northern Powerhouse
Three new Northern Enterprise Zones are now live across the region as part of government plans to grow the Northern Powerhouse and rebalance the country’s economy.
Designed to boost economic growth, the Enterprise Zones in Leeds City Region, York Central and the North East are three of 12 zones launched across the country on 1 April 2017.
These new zones support businesses, helping budding entrepreneurs to start up and supporting established companies to grow. They offer business rates discounts and additional tax breaks, backed by a simplified local planning process.
The latest Enterprise Zones take the total in the Northern Powerhouse to 17. Already the existing zones across the region have attracted more than £1.3 billion of private investment, supporting almost 200 businesses and nearly 9,000 jobs since 2012.
Northern Powerhouse Minister Andrew Percy said:
“Our efforts to build the Northern Powerhouse are working, with over one million businesses in the North today, an increase of nearly a fifth since 2010.
“These three new Enterprise Zones launching will help to drive this forward by attracting new jobs and investment. It’s a key part of our Plan for Britain to create an economy that works for everyone.”
Support for growing business
Enterprise Zones are central to the Government’s Industrial Strategy. They will help businesses up and down the country seize the opportunities presented by leaving the European Union.
Each Enterprise Zone is unique, building on the strengths of each area. They support some of the country’s most vital industries including manufacturing, technology and renewable energy.
The zones in the Northern Powerhouse going live are:
• M62 Corridor Leeds City Region – In a boost to the Northern Powerhouse, the Zone will capitalise on the area’s strong manufacturing industry and focus on digital technology, automotive engineering, textiles and glass making.
• York Central Enterprise Zone – Helping to develop the area around York station with a specific focus on office space, it will focus on rail, engineering and professional services.
• North East Round 2 Enterprise Zone – Ten sites across the North East will focus on sub-sea and offshore advanced manufacturing; automotive; life sciences and health; digital and technology based services.