East Mids LEPs make enterprise zone submissions
Twenty-nine enterprise zone proposals will fight it out for just ten of the coveted second wave spots across the UK. Three proposals were put forward by East Midlands LEPs.
Bids were submitted to the Department for Communities and Local Government for the following sites: Markham Vale Growth Zone; MIRA Technology Park and Northampton Waterside.
The remaining ten zones – which will be in addition to the 11 vanguard sites revealed by Chancellor George Osborne in his Budget speech – will receive benefits such as a business rate discount worth up to £275,000 per eligible business over a five-year period.
All business rates growth within the zone for a period of at least 25 years will be shared and retained by the local area, rather than returned to government; and 'radically simplified' planning proposals will be drawn up for each zone.
Communities secretary, Eric Pickles, said: "The huge interest in and enthusiasm for second wave enterprise zones across the country is proof that local enterprise partnerships have the ideas and enthusiasm to drive forward their local economies. I'm impressed by the number of partnerships that have put forward innovative and ambitious plans for an enterprise zone in their area."
