To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the adequacy of funding allocated to enterprise zones.
31 July 2019
Enterprise Zones act as a driving force for growth in local economies as they unlock key development sites, consolidate infrastructure, attract business and create jobs across 48 locations within England.
Government has provided a range of funding and other incentives for Enterprise Zones, including a £120 million ‘Building Foundations for Growth’ grant fund to accelerate development in Enterprise Zones, a five year tax relief for businesses and simplified planning processes.
LEPs have utilised proportions of their Growth Deal programmes to support development in their Enterprise Zones.
The ability to retain business rates locally for 25 years allows LEPs to borrow against predicted income which provides a sustainable funding model to support improvements required in the Enterprise Zone as well as in the wider local economy.