Enterprise zones have now attracted 19,000 jobs to sites across the country.
Since opening for business the zones are now home to 540 firms and more than 2,000 trainees and apprentices are benefiting from zones, tackling local skills gaps.
According to government figures released today, the 24 enterprise zones started in 2012 have now attracted:
£2.2 billion of private investment, 19,000 jobs and 540 new businesses
across a range of industries, including the automotive, aerospace, pharmaceutical and renewable energy sectors.
The government launched the enterprise zones in April 2012 in an attempt to rebalance the economy to parts of the country with less investment and development infrastructure. The Chancellor announced the further expansion of the programme as part of his summer Budget.
The zones offer a number of benefits including tax incentives, simplified planning and superfast broadband for firms.
Businesses basing themselves on enterprise zones can reputedly access a number of benefits including:
100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on zones in assisted areas
- 100% retention of business rate growth for LEPs, to enable them to fund development on enterprise zones
- Up to 100% business rate discount worth up to £275,000 per business over a 5-year period.
Original forecasts for jobs created were recently revised down from 54,000.
Deadline for bids is 18 September 2015.