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AROUND BRITAIN

zone in the

The UK’s soon-to-be-launched Enterprise Zones will help to boost trade and investment in a wide range of sectors. Lorraine Shah reports

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n today’s challenging global economic environment, governments and businesses across the world are having to come up with increasingly innovative ways of boosting growth and attracting trade and investment. In the UK, such initiatives include the establishment of Enterprise Zones, targeted areas to help create employment and businesses in areas of economic opportunity. Hailed by Prime Minister David Cameron as “trailblazers for growth, jobs and prosperity”, Enterprise Zones will use a combination of simplifi ed planning arrangements, tax breaks and infrastructure incentives such as access to superfast broadband to encourage companies to set up or invest in the area. Tax incentives will be available in the

zones, including a business rate discount worth up to £275,000 over a fi ve year period, while companies setting up in certain zones will also be eligible to claim enhanced fi rst-year capital allowances for plant and machinery investment, giving them an upfront cash-fl ow benefi t. A major part of the Government’s campaign to make Britain the best place in the world to start and grow a business, 24 Enterprise Zones, administered by the newly launched Local Enterprise Partnerships (LEPs), have been approved across England, while there will also be four in Scotland and seven in Wales. With the potential to create thousands of jobs by 2015 and covering a broad spectrum of sectors, they aim to stimulate local economic growth across the UK over

the next few years, helping to attract investors. The fi nancial incentives will be available from April, when many zones will also have simplifi ed planning in place. “Enterprise Zones are part of how we make sure the UK remains one of the world’s most popular destinations for inward investment,” states Eric Pickles, Secretary of State for Communities and Local Government. “Thanks to tax breaks for fi rms and simpler planning rules, they will be a great place to start, grow or move a business to in the UK. “Councils and business leaders are working hand in hand to make them a success – offering investors not just world-class premises, but also a skilled workforce and effective communication and transport links.”

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