Chancellor George Osborne confirmed the new enterprise zone would see the region specialise in health/life science, creative digital, automotive and subsea and offshore renewables at zones across Northumberland, Durham, Sunderland, Gateshead, South Tyneside and Newcastle. The North Kent Innovation Zone will be extended.
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Hopes of an influx of new businesses to East Devon have been raised after a joint bid with Sedgemoor for Enterprise Zone status was approved.
The Cambridge Compass Enterprise Zone creates a unique opportunity to expand the reach of Cambridge – global innovation centre – to the surrounding market towns, new communities and wider rural areas to boost the local and national economy.
The “Cambridge Compass” will be focussed on five sites around the city – in Waterbeach, Haverhill, Ely, Cambourne, and Northstowe.
Benefits of enterprise zones include the local area being able to keep 100 per cent of the growth in business rates over 25 years, to re-invest in infrastructure and growth generating projects.
“EZs exist to drive growth in the smart specialisation areas identified by the LEP”.
The proposals to secure Enterprise Zone status were submitted by Cumbria LEP in partnership with Carlisle City Council, Cumbria County Council and Kingmoor Park Properties Ltd, the site owner.
North East Chamber of Commerce Director of Policy, Ross Smith, said the Spending Review was a missed opportunity for the Chancellor “to put meat on the bones around the Northern Powerhouse”. “The enterprise zone will help speed up the attraction of new businesses and employers and is another example of successful partnership working for the benefit of the area”.
“The Enterprise Zone will allow new companies to grow and develop and bring economic benefits to the town and the region”. This will stimulate new businesses and attract global businesses in the agri-tech, engineering and food production sectors.
The “Enterprise Zone” would become Oxfordshire’s second, and cover 95 hectares in total north-west of Didcot, the size of 131 football pitches. The Orwell and Gipping Valley Food Cluster in Suffolk and Greater Norwich Food Cluster in Norfolk, will increase collaboration between the food, drink and agricultural sectors, bring better connectivity to the supply chain and encourage greater links with skills and agri-tech research.
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North East Local Enterprise Partnership chairman Paul Woolston said: “I’m delighted about our successful bid for a second enterprise zone for the region”.
