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Economics

Study Notes

Regional Policy - Enterprise Zones

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

This study note looks at the new batch of enterprise zones established by the government in 2014 and 2015

Enterprise Zones are areas, hosted by Local Enterprise Partnerships in which commercial and industrial businesses can receive incentives to set up or expand. Businesses locating to an Enterprise Zone before 31 March 2018 are entitled to a business rate discount of up to 100% over a five year period (worth up to £275,000 per business) as well as Enhanced Capital Allowances for the purchase of machinery and equipment.

Enterprise Zones have also been eligible to apply for the £59 million Local Infrastructure Fund to support enabling works and the £100 million Capital Grant Fund to support infrastructure projects.

A pilot scheme of 4 University Enterprise Zones, designed to encourage high tech firms to locate near universities has been operational since 2014.

In 2014 it was reported that 4,649 jobs (as well as 2,965 construction jobs) have been created by Enterprise Zones in England.

Differences in regional disposable income per household

London had the highest disposable income per head in 2015 where, on average, each person had £25,293 available to spend or save. Northern Ireland had the lowest at £15,913. This compares with a UK average of £19,106.

New Enterprise Zones in the UK

Listing of the new enterprise zones in the UK

Boston House,
214 High Street,
Boston Spa,
West Yorkshire,
LS23 6AD

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