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 

Ctrl + Enter

Most Read

IR35 coming to the private sector in 2020

IR35 coming to the private sector in 2020

Due to changes introduced in the Autumn Budget, from autumn 2020, off-payroll working rules which have only been applicable to the public sector will be also implemented in the private sector as well. What this means, is that the end client (hiring manager) of a worker will now be in the position

Engineering in the UK: Outlook for 2019

Engineering in the UK: Outlook for 2019

Between 2015 till date, engineering has grown exponentially in the United Kingdom (UK) and Europe as a whole. This growth in the range of a 6% rise in number of UK engineering enterprises within the past couple of years has gone on to prove just how relevant to the economy engineers and the science

Ten highest paying I.T jobs in 2019

Ten highest paying I.T jobs in 2019

The I.T industry is arguably the most in-demand industry for technology/Engineering professionals. Once you have the right skill and certification, the I.T industry will jump at the chance to employ you and grant you a befitting role. From application developers to Data Engineers, the sector is in

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.