Yorkshire & The Humber to house three new Enterprise Zones

As revealed in George Osborne’s Autumn Statement yesterday, there will be 26 new or extended Enterprise Zones created across the country, seven of which are located in the Northern Powerhouse.

Each Enterprise Zones will benefit from exemptions from business rates, faster broadband and enhanced capital allowances.

As for Yorkshire, the region will become home to two new Enterprise Zones, and a third is set to be extended.

The Humber Enterprise Zone, which will undergo an extension, is set to provide commercial space to further support growth in the offshore wind energy, ports and logistics, and address the need to make commercial space available in the city centre to the accommodate the expansion of creative and digital and tourist sectors that are linked to the 2017 City of culture status.

York Central, one of the newest zones announced by the Chancellor in yesterday’s Autumn Statement, will develop an Enterprise Zone next to York station, focused on rail, engineering and professional services, extending the central business district of York, developing the area around the station and aligned to the development of a neighbouring Housing Zone.

Finally, Leeds City Region will see the creation of a M62 Corridor - a new site focussing on advanced manufacturing across four local authority areas, Bradford, Calderdale, Kirklees and Wakefield.

The Prime Minister said: “Approving this extended Enterprise Zone in the Humber is testament to the huge potential this region has to offer. We’ll be building on the success that has already been achieved here; attracting even more jobs and businesses, and increasing investment.

“Plans will further support the growth of offshore energy in the Humber, a specialist sector where the people and businesses in this region truly excel. And, looking ahead to 2017 when Hull becomes City of Culture, the city centre itself will be expanding its creative, digital and tourist sectors - creating new opportunities for people here and generating enthusiasm for what this fantastic city has to offer.”

James Wharton, the Minister for Local Growth and the Northern Powerhouse, added: “Enterprise Zones are creating thousands of jobs, attracting billions of pounds of investment and yesterday’s announcement by the Chancellor is a ringing endorsement of the contribution they are making to the economy. As part of our long-term economic plan it is only right we allow more to share our national success.

“The government is building on the success of the existing 24 Enterprise Zones which by the end of last year alone had attracted 19,000 jobs. This new round of Enterprise Zones – which includes seven new zones in the Northern Powerhouse - will mean even more areas and businesses will be able to benefit from the support they bring.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →