Member Article

Budget boost for Sci-Tech Daresbury enterprise zone

Businesses locating to Sci-Tech Daresbury Enterprise Zone will benefit from tax incentives for a further three years, under measures announced by the Chancellor in yesterday’s Budget.

This means that businesses moving to the Sci-Tech Daresbury Enterprise Zone will benefit from business rate discounts for five years, with the offer extending until March 2018.

The support is being offered as part of the Government’s long-term plan to rebalance the economy, and will help Sci-Tech Daresbury Enterprise Zone achieve its potential as a key driver of the local economy.

Local Growth Minister Kris Hopkins said: “The Sci-Tech Daresbury Enterprise Zone is a real hotspot for science and technology, and yesterday’s announcement means it will remain an attractive location for businesses to locate and invest.

“This is part of our long term economic plan to boost local economies and will allow the Zone to fulfil its ambition of creating 10,000 local jobs in the next 20 years.”

John Downes, chief executive of Langtree and director of the Sci-Tech Daresbury joint venture, said: “We are delighted with the continued support from the Government, and yesterday’s Budget announcement will assist with the ongoing growth at Sci-Tech Daresbury Enterprise Zone.”

An internationally-recognised national centre that fosters relationships between science, innovation and industry, Sci-Tech Daresbury Enterprise Zone is home to some of the world’s leading research facilities.

These include cutting edge particle accelerators and one of the UK’s most powerful super computers, both part of the Science and technology Facilities Council (STFC).

The future of car design is being developed within Sci-Tech Daresbury Enterprise Zone - automotive companies such as Bentley and Jaguar LandRover use Sci-Tech Daresbury Enterprise Zone’s cutting edge virtual design lab for a variety of activities including dramatically reducing the number of prototypes required in developing new cars.

Enterprise Zones are at the centre of the Government’s plan to grow the economy in a balanced way – across all regions and a range of industries, creating jobs and getting people into employment.

Since they opened for business in April 2012 Enterprise Zones have laid firm foundations for success, attracting international companies, building centres of excellence in key industries such as automotive, pharmaceuticals and renewable energy that will ensure that Britain continues to be competitive and successful on a global stage.

This is a 25 year programme to deliver local growth and jobs through Enterprise Zones. In their first 18 months, Enterprise Zones have attracted over 250 businesses, created over 7,000 jobs and secured £1.1 billion of private sector investment.

The Government is investing £330m in infrastructure to support Enterprise Zones to realise their potential as the engine rooms of local economies.

Local areas will benefit from millions of pounds of taxes generated by the businesses in their Enterprise Zone over the next 25 years. The money, generated through the 100% business rate retention scheme, can be reinvested in local businesses, jobs and skills and will provide Local Enterprise Partnerships with a guaranteed funding stream.

As part of the Budget 2014 the Chancellor announced that the Government will extend the deadline by which businesses need to have located in an Enterprise Zone in order to claim business rates discounts by three years until 31 March 2018. It will also extend the period in which enhanced capital allowances are available in Enterprise Zones by three years until 31 March 2020.

This was posted in Bdaily's Members' News section by Simon Malia .