Friday, August 5, 2016

News: Northern Enterprise Zones attracting a bigger share of jobs and investment

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Enterprise Zones (EZs) in the North – which provide tax breaks and Government support for new and expanding businesses – have attracted eight jobs per working day since 2012 and over £1m per day in private investment.

New figures show, in the three months to December, 1,220 jobs were created on northern EZs – an 18% increase compared to the previous quarter.

This was in part thanks to 30 new companies choosing to expand on northern enterprise zones. Over 8,000 new jobs have been reported by enterprise zones in the Northern Powerhouse over the past four years – equivalent to eight per working day.

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Northern Powerhouse Minister, Andrew Percy said: "From Siemens in East Yorkshire to GE on Tyneside, the Northern Powerhouse is attracting some of the world's leading businesses to locate here and offer skilled jobs.

"Today's figures make clear the real appetite to invest and do business in the North, with over 8,000 jobs over the last four years, thanks in no small part to the high quality local support on offer to new and growing companies.

"I am especially pleased that Barclays has become our latest Northern Powerhouse Partner, and would urge all companies across the Northern Powerhouse to do all they can to promote our area as a place where businesses can thrive and grow."

Sheffield City Region Enterprise Zone is based on a series of key sites with the focus growth within the advanced engineering and technology sectors.

The EZ includes a number of employment sites in Rotherham such as areas of the Advanced Manufacturing Park (AMP) and Templeborough and in 2014, 15 hectares at Dinnington were added.

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Companies located in the zone are benefiting from simplified planning rules and tax breaks for businesses. One of the main benefits that the zones offer a business rate discount 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 Sheffield City Region, to support the Local Enterprise Partnership's economic priorities and ensure that Enterprise Zone growth is reinvested locally.

When launched in 2011, it was expected to generate up to 12,600 jobs and over 400,000 sq m of floor space for 250 businesses by 2015. When complete, it could reach 20,000 jobs, 400 businesses and £20m a year in new business rates from over 600,000 sq m of floor space.

The 2016 budget included plans to extend the Sheffield City Region Enterprise Zone.

Sheffield City Region Enterprise Zone website

Images: Harworth Estates


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