West of England - new allocations for Enterprise Zones
The West of England LEP have secured new Enterprise Zone allocations in the West of England that will be delivered by Bath & North East Somerset and Bristol City councils, allowing incentives to be offered to new businesses moving to the Zones and the councils to retain the business rate growth to reinvest in infrastructure to help deliver job growth in these areas.
Patricia Greer, from the West of England Local Enterprise Partnership said,
“In Bath, the Bath City Riverside Enterprise Area has been upgraded to an Enterprise Zone and expanded to cover the Old Mills strategic employment site near Midsomer Norton in the Somer Valley. This is alongside the expansion of the successful Temple Quarter Enterprise Zone in Bristol.
These new Enterprise Zones allow us to offer new businesses an incentive to move in to the Zone, and allows the LEP to retain the business rate growth to help fund any enabling infrastructure to help deliver job increases in these areas.
Our success in securing new and expanded Enterprise Zones in a national competitive process - of 26 new announcements the West of England LEP was the only to have a double success - again demonstrates the value of Local Enterprise Partnership support to these areas as priority employment growth locations and a commitment by Government to support the West of England.
We will continue to work with all the local authorities in the West of England to make the most of these types of opportunities and ensure we deliver our plans for employment growth locally.”
Bath and Somer Valley expansion - is expected to contribute over 2,000 jobs and £57m GVA and generate in the region of £28m of additional Business Rate income in the 25 year City Deal period.
Bristol Temple Quarter - Since its launch in April 2012 the Temple Quarter Enterprise Zone has performed strongly, with 3,000 jobs and over 100 businesses locating in the Zone.
The new and expanded Enterprise Zones came into effect at the start of April.