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Nottingham's Enterprise Zone to extend to Derby

Nottingham's Enterprise Zone will be extended to a site in Derby as a way of attracting private investment to the area and creating jobs.

In his Autumn Statement, the last one of the current parliament, Chancellor George Osborne announced that the case to extend existing Enterprise Zones will be announced in next year's Budget.  However, he did confirm that the Enterprise Zone in Nottingham will be extended to a site in Derby.  The Enterprise Zone extension scheme is designed to create more jobs and attracting more private investment to local areas.  Osborne said they are a "key part" of the government's strategy for enabling growth.  Further extensions could take place next year, subject to value for money and affordability.

Also announced was an increased business rate discount of £1,500.  This is set to boost high street shops, pubs and cafés as the government pledged to review the structure of the system.  The increased business rates discount will apply to companies with a rateable value of £50,000.  Business rates relief is to double for a further year, and inflation-linked increase in business rates capped at 2 per cent.

 

Source: Insider Media

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