Insider Media Limited

The East Midlands has been granted two additional enterprise zones. MIRA Technology Park in Hinckley, Leicestershire, and Northampton Waterside have been given the green light, it was revealed this morning (17 August 2011).

Northampton Waterside Enterprise Zone stretches from Sixfields to Brackmills, following the River Nene.

In June, the scheme was selected by the South East Midlands Local Enterprise Partnership (SEMLEP) as its preferred zone submission.

David Palethorpe, leader of Northampton Borough Council, said: "Northampton has a proven track record for growth and enterprise and this enterprise zone initiative is the stimulus we need to create thousands of new jobs bringing prosperity to our town and the wider SEMLEP area."

Northampton Borough Council said it hoped the decision would mean Northampton would become "the new home of innovation and high performance engineering".

MIRA, the motor industry research centre at Higham on the Hill, near Hinckley, said it hoped to create a £300m research and engineering centre on site.

Graham Gillespie, MIRA chief executive, said: "Having the enterprise zone will strengthen our ability to attract businesses from overseas."

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, added: "The news that the MIRA bid has been successful is very good news. While it lies just over the county border, it plays a significant part in the economy of Coventry and Warwickshire and is a centre of engineering excellence."

It is hoped that the zones will attract hundreds of new start up firms, with simplified planning rules, super-fast broadband and tax breaks for new businesses over the next four years.

The East Midlands schemes were two of 11 announced as being successful in the second wave of applications. In his Budget speech in March, Chancellor George Osborne revealed the location of the first 11 enterprise zones, including one for Derbyshire and Nottinghamshire.

Business secretary Vince Cable said: "Enterprise zones are creating an environment for businesses to grow in places with the most potential. Those the government is announcing today, on top of those already approved, show the range of ambitious plans in place across the country.

"Local enterprise partnerships have worked closely with businesses in their communities to put forward a range of high-quality proposals. The successful bids they will now take forward are going to help inject new growth into their economies."