Budget: Leeds and Sheffield to see discount business rates and fewer planning rules

PLANS for some 21 new enterprise zones across England, including in Leeds and Sheffield, have been unveiled by Chancellor George Osborne in his Budget.

The zones will offer discounted business rates and “radically” reduced planning restrictions.

The first 10 zones will be based in Leeds, Sheffield, Liverpool, Greater Manchester, West of England, Tees Valley, North East, the Black Country and Derbyshire and Nottinghamshire, while a zone will also be established in London.

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All the zones will have a business rate discount worth up to £275,000 over five years for firms that move into the area over the course of this Parliament.

The Government will also help develop “radically simplified” planning approaches as well as supporting superfast broadband for the new zones.

Enhanced capital allowances for plant and machinery will be considered, while UK Trade and Investment will support inward investment or trade opportunities in the areas.

The next 10 zones will be created through a competitive process.