Lowestoft/Gt Yarmouth: Enterprise Zone to bid for additional Government funding
- Credit: Eastern Daily Press � 2011
Enterprise zones such as Great Yarmouth and Lowestoft will be able to bid for an additional slice of government funding to complete key infrastructure projects after communities secretary Eric Pickles added an extra £100m to a Government funding pot.
With their mix of tax breaks, relaxed planning rules and pledges of improved broadband and wifi, enterprise zones have been hailed as a key means of creating new jobs and also attracting overseas investors into the UK.
Unveiling details of the bidding process for the scheme, which was first announced in the budget, Mr Pickles said the cash injection will help ensure areas across the country will be able to create the right conditions for investment.
He said the money will fund projects such as road building and land clearance that will unlock areas previously idle, turning them into prime economic sites that will bring home new businesses and help the local economies grow.
“Enterprise zones are at the centre of our plans to back business, help local economies grow stronger and give the UK that competitive edge,” Mr Pickles said.
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“The Zones are showing progress with over 180 businesses, half a billion pounds of private sector investment and nearly 4,000 jobs, and many more in the pipeline.
“We want to help them grow further and faster and this extra £100m investment will ensure they have the infrastructure in place to successfully attract even more businesses and create many more local jobs.”
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Chris Starkie, managing director of the New Anglia Local Enterprise Partnership (LEP), which oversees the Great Yarmouth and Waveney enterprise zone, welcomed the announcment and said the LEP was actively considering a bid for the fund now the details have been announced.