Enterprise Zones and the green economy

The Government has announced the creation of a further 11 Enterprise Zones across England, at least eight of which will have a sector focus on the green and clean technology. Sector focuses range from renewable energy and green technologies in Rotherwas, Great Yarmouth, Harlow, Oxfordshire and the Black Country; specifically wind technologies in Humber; to sustainable construction in Northampton. Whilst the North Eastern Enterprise Zone will have a dedicated low carbon focus. This new announcement brings the total number of Enterprise Zones up to 22, building on the Government’s commitment in the Budget 2011, to create 21 Enterprise Zones with superfast broadband, low levels of taxes and low levels of regulation and planning controls. All businesses that move into the zones during the current parliament will benefit from a 100% business rate discount for a five year period; local retention of business rate growth by local authorities in the Local Enterprise Partnership (LEP) for reinvestment in the area; and a simplified regulatory and planning process. Speaking about the creation of the zones Prime Minister, David Cameron said “Enterprise Zones are a major step towards delivering this; cutting business taxes, easing planning restrictions and giving business the tools they need to invest and expand.” The scheme is intended to boost business and jobs across the country, with the Treasury announcing that UK Trade and Investment (UKTI) is ready to work with all areas across the country to attract foreign direct investment. 

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