Overcast

Overcast

max temp: 19°C

min temp: 13°C

Search

Budget: New Anglia LEP welcomes extension to Enterprise Zone tax incentives

PUBLISHED: 18:40 19 March 2014 | UPDATED: 18:41 19 March 2014

Andy Wood, chairman of New Anglia LEP.

Andy Wood, chairman of New Anglia LEP.

Sarah Groves

Businesses locating to the Great Yarmouth and Lowestoft Enterprise Zone will benefit from tax incentives for a further three years, under measures announced by the Chancellor in the Budget.

This means that firms moving to the Enterprise Zone, which is co-ordinated by the New Anglia Local Enterprise Partnership (LEP) will receive business rate discounts for five years, with the offer now extending until March 2018.

The support is being offered as part of the Government’s long-term plan to rebalance the economy towards manufacturing and exports, and will help the Great Yarmouth and Lowestoft Enterprise Zone achieve its ambition is to create 9,000 new jobs by 2025.

“Today’s Budget is a vote of confidence for New Anglia and will be welcomed across the Great Yarmouth and Lowestoft Enterprise Zone.” said Andy Wood, chairman of New Anglia LEP.

“We wrote last week to the Chancellor making a strong and robust case for business rates concession and therefore we are encouraged that he has listened and there will be an extension for a further three years.

“Business will be encouraged that measures will be put in place to introduce a £7billion package to cut energy costs for manufacturers and to double the lending available for export finance.

“New Anglia is home to the East of England Energy Zone and hundreds of firms are proud exporters around the world and these announcements will make a difference.

“We should also welcome measures that support regional airports such as Norwich International and the doubling of funding for exporters to £3bn which will make a real difference to those looking to export into Norfolk and Suffolk”, added Mr Wood.

Search hundreds of local jobs at Jobs24

Comments have been disabled on this article.

Major exporting success is a step closer for East of England firms which have benefited from a multi-million pound government funding pot to help businesses gain an international foothold.

The senior team at award-winning Suffolk rooflight company, Sunsquare, showed Bury St Edmunds MP Jo Churchill around their factory last week.

Drinks group Konings has unveiled plans to expand capacity at the Copella fruit juice site near Sudbury, potentially creating more than 100 new jobs.

A total of 31 care providers have been selected as finalists for this year’s Suffolk Care Awards.

Tourists jetting to the UK “in their droves” to take advantage of the weak pound could spend up to £2.4bn on our high streets this summer.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24