Eleven enterprise zones will benefit from a £150 million boost from the government to create local jobs and secure growth across the country, Local Growth Minister Mark Prisk announced today.
The fourth round of the Regional Growth Fund will help companies in enterprise zones expand their operations, creating new private sector jobs and economic growth.
This means enterprise zones and the local enterprise partnerships which support them will benefit from just under £800 million of government investment which has been already matched by almost £230 million of private sector investment, with many more on the pipeline.
Local Growth Minister Mark Prisk said: “This is more good news for enterprise zones. They are already having a positive impact in the economy, having created 3,000 jobs and attracted £230 million in private sector investment since their standing start 1 year ago.
“Their significant tax incentives, simplified planning and super fast broadband are making the country a great place to do business and rebalancing the economy by creating new local jobs and business ventures.
“Today’s extra investment will give our enterprise zones another boost towards delivering strong and lasting growth so we can compete in the global economy.”
This announcement is just one of range of steps the government has taken to rebalance the economy and support local businesses looking to grow and create jobs.
The government has reformed the way councils are funded by establishing 39 local enterprise partnerships that along with enterprise zones are able to access the billions of government investment to support their local economy, including the £3.2 billion Regional Growth Fund.