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The fund is designed to help zones put in place the infrastructure required to unlock sites so businesses can set up. This could mean local road networks improvements, reclaiming contaminated land or installing utility services.
Communities secretary Eric Pickles said: “Economic growth is this government’s biggest priority and Enterprise Zones are the engine room of that strategy. They are a fantastic way to attract the jobs and business investment that local areas need. This new £59m fund will turbo charge that engine by turning shovel ready sites into job ready sites.
“Enterprise Zones have all the raw ingredients and growth incentives – simplified planning, low tax, super-fast broadband and inward investment – they need to translate their potential into jobs and growth success. This is an opportunity to lay the infrastructure foundations so they are ‘gift wrapped’ ready to house new businesses.”
The government said that Enterprise Zones were starting to make an impact. For example:
- Nottingham Enterprise Zone has used the £25m allocated in November to ‘unlock’ the site and bring in a further £200m of private sector investment for 800 new homes.
- Manchester’s Airport City Enterprise Zone has planning permission for the development of a £100m World Logistics Hub.
- Construction work is nearing completion at Science Vale Oxfordshire Enterprise Zone on 12 business units.
- In Leeds Enterprise Zone, building work has begun on Watershed’s new manufacturing premises at Thornes Farm.
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