Enterprise zones in the north have reported the creation of 8,000 new jobs over the last four years, the Government says.
New figures released today (27 July) reveal northern Enterprise Zones – which provide tax breaks and Government support for businesses – have attracted 8 jobs per working day since 2012 and over £1m per day in private investment.
They also show in the three months leading up to December 2015, 1,220 jobs were created in these zones—an 18% increase compared to the previous quarter.
This is the result, the Government argues, of 30 new companies choosing to expand to northern Enterprise Zones.
There are, in total, 14 zones across the north. Individually they offer business rate discounts worth up to £275,000 per business over a 5-year period and millions in tax relief to businesses investing in plant and machinery.
In addition, they also offer 100% retention of business rate growth for the Local Enterprise Partnership, to enable them to fund development on the Enterprise Zone.
‘From Siemens in East Yorkshire to GE on Tyneside, the Northern Powerhouse is attracting some of the world’s leading businesses to locate here and offer skilled jobs,’ said Northern Powerhouse minister, Andrew Percy, who is currently touring northern cities.
‘Today’s figures make clear the real appetite to invest and do business in the North, with over 8,000 jobs over the last 4 years, thanks in no small part to the high quality local support on offer to new and growing companies.’