Funding boost for enterprise zones

Funding boost for enterprise zones

The government has made an additional £100 million available for Enterprise Zones to speed up infrastructure projects such as road building that will unlock development potential.

 

Enterprise Zones have until 18 November to apply for the new capital grants under the Building Foundations for Growth scheme. They will have to compete against each other for the funds which will be available in the 2014 to 2015 financial year.

 

Communities Secretary Eric Pickles said the grants are to unlock areas previously lying idle, turning them into prime economic sites that will attract further investment and create jobs.

 

Mr Pickles said Enterprise Zones are making good progress, having attracted some £500 million of private sector investment, creating 4,000 jobs in 180 businesses. “We want them to grow further and faster and this extra £100 million will ensure that they have the infrastructure in place to attract even more businesses successfully and create many more local jobs.”

 

The government is investing £700 million to support Enterprise Zones and their Local Enterprise Partnerships. Companies investing in Enterprise Zones include Jaguar Land Rover, which has a massive capital investment programme under way in British factories and other premises, and American aerospace company Lockheed Martin. Industries like offshore wind are already attracted by their tax, planning, and infrastructure benefits. A science park within a Zone at Daresbury has attracted 13 new science and technology businesses already and will start work on infrastructure works and new build office and laboratory space shortly, said Mr Pickles.

 

Other key investments in Zones include a £1,000 million project funded by a Chinese developer to create a new business district in London’s Royal Docks that will create an estimated 20,000 jobs.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Amey bags £100 million Yorkshire Water contract

Amey bags £100 million Yorkshire Water contract

Global infrastructure services company Amey has won a three-year contract extension with Yorkshire Water worth £100m.   The contract will see Amey deliver reactive and proactive maintenance work across Yorkshire Water’s sewer network. This will include sewer repairs, iron work

Clancy reappointed to South East Water framework

Clancy reappointed to South East Water framework

Building on 18 years’ experience of working together, the successful appointment as sole contracting partner for network maintenance has been described as innovative and forward thinking, benefitting both companies and their 2.2 million customers. With a renewed emphasis on supporting South

Severn Trent reveals £1.2bn environmental plans

Severn Trent reveals £1.2bn environmental plans

The plans will see the company commit to a range of pledges and schemes designed to reduce emissions, improve the environment and support customers. The commitments include: Boosting biodiversity in 5,000 hectares of land – roughly equivalent to half of Coventry, two-thirds of Nottingham or

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.