Urban and rural areas around the region to be included in new EZ
The North East Local Enterprise Partnership (LEP) today unveiled the ten sites around the region that will be included in the new Enterprise Zone (EZ) confirmed for the North East this week.
The LEP’s successful bid for a second EZ to bring more and better jobs to the region was announced by Chancellor George Osborne in Wednesday’s Autumn Statement and Spending Review.
The new EZ, with sites stretching from Northumberland to County Durham, will focus on growing businesses, particularly working in the LEP’s four smart specialisation areas of health and life sciences, creative and digital, subsea, and low carbon industries.
The second EZ will cover 175 hectares and aims to deliver a further 14,000 jobs and 600,000sq m of employment opportunities over the 25-year lifetime of the project.
The ten sites, covering both urban and rural parts of the region, are located at:
• Hawthorn Business Park, County Durham
• Follingsby South, Gateshead
• North Bank of the Tyne, Newcastle
• Newcastle International Airport Business Park, Newcastle
• The A1, Morpeth, Northumberland
• Ashwood Business Park, Northumberland
• Ramparts Business Park, Northumberland
• Holborn Riverside, South Tyneside
• International Advanced Manufacturing Park, Sunderland and South Tyneside
• Port of Sunderland, Sunderland
The North East LEP worked with the seven local authorities and the North East Combined Authority on the successful proposal for a second EZ. The new sites are designed to complement existing sites and drive growth through making, trading and innovating.
Helen Golightly, North East LEP Chief Operating Officer, said: “We will now be working with the Government to refine the details of the new Enterprise Zone ahead of it being put into statute to go live in April 2017.
“The new Enterprise Zone will give us yet another offer to attract businesses to locate and expand in the region, and help us to deliver our strategic economic plan to deliver more and better jobs for the North East.”
Businesses located within EZs benefit from a number of key advantages designed to drive their growth. These include business rate discounts for up to five years or tax savings via enhanced capital allowances for businesses investing in plant and machinery.
The LEP’s first EZ has been offering benefits to business in the offshore, renewables and automotive sectors since 2012. Since its creation, the EZ has attracted over £100 million of new private sector investment and resulted in over 1,200 new jobs and 25 new businesses.
North East LEP Chairman, Paul Woolston, said: “I’m delighted about our successful bid for a second Enterprise Zone for the region, and we’re thrilled to reveal the locations of the ten sites that will be included.
“EZs exist to drive growth in the smart specialisation areas identified by the LEP. They will play a key role in supporting the creation of more high-quality jobs and attracting further private sector investment into the North East.”