BUDGET 2011: Enterprise Zones explained

The first ten areas to benefit from the new Enterprise Zone legislation are: Birmingham, Solihull, Leeds, Tyneside, Bristol, Black Country, Derbyshire, Nottinghamshire, Sheffield and Royal Docks, East London.

Vince Cable said this morning: "Enterprise Zones will create the environment for businesses to thrive and stimulate growth in the places that have the most potential.

"The 21 areas we are creating across England will give businesses simpler planning rules, access to super-fast broadband and more generous treatment in respect to business rates and capital allowances."

Business secretary Cable and communities secretary Eric Pickles announced the exact locations for four of these enterprise zones earlier today.

Enterprise zones have been extablished in:

  • Boots campus in Nottingham
  • Liverpool Waters
  • Manchester Airport
  • Royal Docks in London

So what does the Enterprise Zone deal really mean to small businesses?

Here is a round-up of the benefits:

  • A discounted business rate worth up to £275,000 per eligible business over a five year period
  • all business rates growth within the zone for a period of at least 25 years will be shared and 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 powers to grant automatic planning permission
  • 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.

Pickles said: "Growth is this government's number one priority and a new generation of Enterprise Zones are central to our strategy.

"Local enterprise partnerships can use these zones as a springboard for private sector growth and wider regeneration. Enterprise Zones are unashamedly pro-growth, with lower taxes and reduced regulations to attract business, but they are also unashamedly localist keeping power and profits within the local area so communities benefit."

In association with, Intuit

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