Lincolnshire could become home to a new Enterprise Zone, bringing benefits to local businesses.
In the 8 July Budget, Chancellor George Osborne announced that the government was inviting bids for a new round of Enterprise Zones in England and was encouraging towns and districts to work with Local Enterprise Partnerships (LEPs) to develop bids.
Greater Lincolnshire LEP announced on 23 July that it was aiming to bid for one of the new Enterprise Zone, working with local partners. The deadline for applications is 18 September.
Enterprise Zones were launched in 2011 and there are now 24 in England. By last December, they had attracted 15,500 jobs.
The zones offer benefits including business rate discounts up to March 2018, automatic planning permission for certain development – such as new industrial buildings or changing how existing buildings are used – within specified areas and government support to ensure that superfast broadband is rolled out through the zone.
Existing schemes include the 484-hectare Humber Enterprise Zone, parts of which are at the Port of Grimsby in North East Lincolnshire and at Able UK in North Lincolnshire. Three government-backed Food Enterprise Zones are also being developed at Holbeach, Hemswell Cliff in West Lindsey and Europarc in Grimsby.
Ruth Carver, director of Geater Lincolnshire LEP, said: “We will work with local partners to consider an Enterprise Zone in Greater Lincolnshire while we continue to develop our three planned Food Enterprise Zones.”
James Wharton, Minister for Local Growth, said: “Enterprise Zones are creating thousands of jobs and attracting billions of pounds of investment.
“Britain is a great place to do business and this is a chance for local areas to build on their benefits. With this new round of Enterprise Zones even more areas and businesses will be able to benefit from the support they bring.”
More information on Enterprise Zones is available here.
Moore Thompson’s expert team can provide comprehensive advice to businesses considering locating in an Enterprise Zone, to maximise the value of the move, as well as a range of services – including accountancy, payroll, tax and VAT, corporate finance, strategic planning and profit improvement – to help enterprises develop and grow. For more information, please contact us.