New enterprise zones will '˜drive forward' Northern Powerhouse agenda, claim ministers

Two new enterprise zones designed to boost investment in the region's manufacturing and technology industries are officially 'live', Ministers have announced.
Northern Powerhouse Minister Andrew PercyNorthern Powerhouse Minister Andrew Percy
Northern Powerhouse Minister Andrew Percy

The two sites, located in the centre of York and the outskirts of Leeds, will offer discounted business rates and other tax breaks to help new companies to get off the ground and allow others to grow.

The Government has already launched similar schemes in the Humber, Leeds City Region and Sheffield City Region areas, alongside 33 other sites across the country.

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Since the beginning of April 12 more have come into force, and communities minister Andrew Percy said the two new Yorkshire zones will help “drive forward” the Government’s Northern Powerhouse agenda.

“Our efforts to build the Northern Powerhouse are working, with over one million businesses in the North today, an increase of nearly a fifth since 2010,” he said.

“These three new Enterprise Zones launching will help to drive this forward by attracting new jobs and investment. It’s a key part of our Plan for Britain to create an economy that works for everyone.”

Businesses in the York Central and M62 Corridor enterprise zones will enjoy a business rate discount worth up to £275,000 over a five-year period, as well as enhanced capital allowances.

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The launch of the new sites coincides with controversial changes to business rates which have left some companies facing huge increases in tax.

Earlier this year, Ministers announced a £300m relief package to help the firms worst affected by the shake up.

However, it was unclear which businesses would be entitled to support at the time the new rates kicked-in on April 1.