First four Enterprise Zone areas identified

Nottingham, Liverpool, Manchester and London are the first four areas to identify the locations of their Enterprise Zones.

The sites have been confirmed as Boots campus in Nottingham, Liverpool Waters, Manchester Airport and the Royal Docks in London.

The Budget announced that the government would create 21 new Enterprise Zones, with simplified planning rules, super-fast broadband and tax breaks for businesses, that would be established in local enterprise partnerships across England.

The areas are expected to have real potential to create new businesses and jobs.

Business secretary Vince Cable says, ‘We will work closely with local enterprise partnerships to identify new ways we can support them on developing the Zones, especially on issues like enhanced capital allowances and securing inward investment.’

Local government secretary Eric Pickles adds, ‘Enterprise Zones are unashamedly pro-growth, with lower tax levels for business and reduced regulations, but they are also unashamedly localist, keeping power and profits within the local area so communities benefit.’

Nigel Barker, private client services partner at Deloitte says that Enterprise Zones clearly help the businesses that invest in them, due to the entitlement to business rate discounts and the scope for enhanced capital allowances. ‘Enterprise Zones have in the past also been seen as tax efficient investments for high net worth individuals, so it will be interesting to see how all this interacts,’ he adds.

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