Bury St Edmunds: Tax-break status bid for town retailers fails
COUNCIL chiefs have voiced disappointment after their bid to get a Government tax break for one of the region’s retail parks floundered at the first hurdle.
Locations winning Enterprise Zone status can expect reduced planning restrictions, faster broadband and tax incentives worth tens of thousands of pounds.
Announced in this year’s Budget, 21 zones are to be created across the country and local authorities were invited to make submissions.
St Edmundsbury Borough Council put forward the 28-hectare Suffolk Business Park in Bury St Edmunds as a possible zone.
However, the New Anglia Local Enterprise Partnership (LEP) has decided to push instead for a rival bid from Lowestoft/Great Yarmouth.
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In his report to the council, St Edmundsbury leader John Griffiths said although he was “disappointed” the Bury bid was not backed regionally – and therefore would not be nominated as an enterprise zone – the council would continue working with the LEP to seek “continued support” for the Bury business park.
A spokesman for New Anglia LEP said: “The proposal from Bury for the Suffolk Business Park was a strong proposition.
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“However, the proposal from Great Yarmouth and Lowestoft was judged better in terms of deliverability, value for money, fits with the New Anglia strategy and had a clear sectoral focus.”