Budget: New Anglia LEP welcomes extension to Enterprise Zone tax incentives
- Credit: 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.
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“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.
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“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.