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Thursday
Apr072011

Enterprise Zones Announcement

The formation of 21, not just a measly 10 Enterprise Zones as trailed ahead of the Budget, provided a centrepiece for George Osborne’s growth-focused speech.

 “Businesses will get up to 100% discount on rates, new superfast broadband and the potential to use enhanced capital allowances in zones where there is a strong focus on manufacturing,” he told MPs.

In return for radically reduced planning restrictions local authorities will get to keep business rate growth in their zones for a period at least 25 years to spend on development priorities. 

London mayor Boris Johnson was allowed to name a suitable candidate site in the capital city and 10 more Enterprise Zones will be announced in the summer. Mayor Johnson's preferred site is likely to be The Royal Docks in East London.

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