Enterprise Zone will boost jobs in Northampton - Andrew Simpson (Andrew Simpson)

Enterprise Zone will boost jobs in Northampton - Andrew Simpson

August 17, 2011 9:00 AM
By Andrew Simpson

Paul Varnsverry, Andrew Simpson & Richard Church at the riverside Marina development

The Government has announced a further 11 Enterprise Zones across the country, designed to boost local growth and create more than 30,000 new jobs by 2015. These Zones will have simplified planning rules, super-fast broadband and over £100m tax breaks for new businesses over the next four years. Northampton has been selected as one of the 11 areas chosen.

The second wave of Enterprise Zones will be located in:

Newquay AeroHub in Cornwall
The Solent Enterprise Zone at Daedalus Airfield in Gosport
Rotherwas Enterprise Zone in Hereford
Discovery Park in Sandwich, Kent and Enterprise West Essex in Harlow (one Zone, spread over two areas)
Science Vale UK in Oxfordshire
Alconbury Airfield, near Huntingdon in Cambridgeshire
Great Yarmouth in Norfolk, and Lowestoft in Suffolk (one Zone, spread over two areas)
Northampton Waterside
MIRA Technology Park in Hinckley Leicestershire
Humber Estuary Renewable Energy Super Cluster
Daresbury Science Campus in Warrington.

Andrew Simpson, Liberal Democrat Parliamentary spokesperson for Northampton North, said:

"The Enterprise Zone in Northampton is great news for our area and will really help in the regeneration of Northampton's much overlooked riverside".

"This low tax, low regulation Enterprise Zone will give our town a real economic boost and bring much needed business and jobs. It will be focused on advanced technologies, precision engineering, low carbon technology, sustainable construction, and high performance engineering, supported by related professional, financial, leisure and business services".

The initiative It is one of the many legacy projects that can be attributed to the work of the Liberal Democrat run Borough Council from 2007-2011 where the Council contributed to the setting up of the South East Midlands Local Enterprise Partnership (SEMLEP). Something not at the time supported by local Conservatives"

"I look forward to working with SEMLEP to ensure this Zone is a success and puts Northampton at the forefront of the growing economy."

Commenting further, Liberal Democrat Business Secretary, Vince Cable, said:

"Liberal Democrats made the rebalancing of the economy a central part of our vision for Britain: away from an over-reliance on fickle financial services in the City of London towards a vibrant business community creating growth and jobs up and down the country.

"These low tax, low regulation Enterprise Zones are spread across Britain to give local areas an extra boost where it is needed most.

"We are determined to give small and medium-sized business the tools they need to invest and expand, so they can be the strong backbone our economy needs."

ENDS

Notes to Editors:

1. The first round of Enterprise Zones was announced in the Budget 2011 (http://www.communities.gov.uk/news/corporate/1872164) and will be based within the following eleven local enterprise partnerships:

Birmingham and Solihull,
Sheffield City Region
Leeds City Region
Liverpool City Region
London
Greater Manchester
West of England
The Black Country
Derby and Nottingham
Tees Valley
The North East.

2. A further announcement on the exact location of Birmingham, Bristol, Leeds and Sheffield Enterprise Zones was made in late July. Further details can be found at: http://www.hm-treasury.gov.uk/press_90_11.htm.

3. Enterprise Zones will benefit from:

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;
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;
Government and local authority help to develop radically simplified planning approaches in the zone; and
Government support to ensure superfast broadband is rolled out in the zone. This will be achieved through guaranteeing the most supportive planning environment and, if necessary, public funding.

4. The Government will make enhanced capital allowances for investment in plant and machinery available in a very limited number of Enterprise Zones, including the Tees Valley and North East. With effect from 2012, companies setting up in these areas will be eligible to claim enhanced first year allowances for plant and machinery, giving them an upfront cash flow benefit.

Andrew Simpson