Chancellor George Osborne promised to help business with the introduction of 18 new enterprise zones plus expanding the existing eight zones.
Osborne claimed: “Since their start in April 2012, Enterprise Zones have laid down the foundations for success for 540 businesses, attracting over £2.2 billion pounds of private sector investment, building world class business facilities and transport links and attracting 19,000 jobs.”
Business located in Enterprise Zones can access a number of benefits including up to 100% business rate discount worth up to £275,000 per business over a five-year period, Government support to ensure that superfast broadband and 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery.
The zones are separate from the Government’s plans to devolve local transport schemes to those areas that have chosen to elect a mayor such as Manchester and London.
