Member Article

Humber economy set for £200m boost

The Humber economy is set to experience an economic boost worth £200m, coming into effect from Sunday.

As £150m of debt is written off, the Humber LEP’s two Enterprise Zones will come into effect, with a package of incentives worth over £50m to potential investors.

The debt write-off will enable tolls to be halved for cars, with similar reductions for other vehicles, and the Humber LEP is the only LEP in the country to have two Enterprise Zones.

Humber Zones cover 16 sites, including Green Port Hull, the Able Marine Energy Park, the BAE Systems site at Brough and the Port of Grimsby East.

Incentives to investors include Enhanced Capital Allowances on plant and machinery worth £50m to support up to £500m of investment, and discounted business rates worth up to £275,000 per company.

Simplified fast-track planning will also be introduced on many sites over the next few months, as the Enterprise Zones are designed to attract investment in renewable energy.

Lord Haskins, Chairman of the Humber LEP, said: ““From this month the Humber has a large
package of financial incentives to offer potential investors on a range of excellent sites, and a skilled and capable workforce that is now more mobile thanks to the reduced tolls on the Humber Bridge.

“In less than a year the Humber has won a Government stimulus of nearly £250m, based on a clear proposition for growth.

“That is something many parts of the country would be envious of. It shows what a united Humber can achieve by working together towards a common goal.

“This is a model we need to repeat time and again to make the most of the outstanding potential we have to grow our economy.”

Later this year, the region will benefit from Round 2 of the Regional Growth Fund, with £25m won by Hill City Council and East Riding of Yorkshire Council and £10m won by North Lincolnshire Council; and the Growing Places Fund, with £8.7m to be invested by the Humber LEP.

This was posted in Bdaily's Members' News section by Tom Keighley .