Enterprise Zones to benefit from £40m funding injection

Businesses to benefit from Enterprise Zone Business Rates SchemeBusinesses moving to Enterprise Zones will benefit from improved access and even better facilities after a funding boost of more than £40 million from the Government.

The money is part of the Government’s £12 billion Growth Deals to fire up local economies and is on top of the £195 million that benefited Enterprise Zones during the first round of deals last July.

It means a total of 17 Enterprise Zones have benefited from more than £235 million through the programme.

Growth Deals are a revolution in the way our economy is run. For the first time ever, infrastructure, housing, and other funding has been brought together in a single pot, and put directly into the hands of local authorities and businesses to invest with their knowledge of what is needed in their area to maximise their potential economic growth.

Local Growth Minister Penny Mordaunt said: “Enterprise Zones are playing a vital role in driving forward our economy. That is why we have invested an extra £40 million to make sure these sites continue to flourish and attract the kind of top-class companies that create high quality jobs.

Through the Government’s £12 billion Growth Deals we are placing the power and money in the hands of the people who know how to spend it best and investing in projects which will make a real difference to local communities.”

Enterprise Zones are central to the Government’s plans to rebalance the economy. The 24 enterprise zones are at the heart of the Government’s ambitious long-term economic plan. They have created over 12,500 jobs, attracted 434 new businesses and generated over £2 billion worth of private investment since opening for business.

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