Millions of pounds to be invested in local projects

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Posted by APM on 16th Feb 2015

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More than £410 million will be spent by local partners on major projects across the country, according to Department for Communities and Local Government.

Enterprise zones have enabled councils to channel hundreds of millions of pounds into crucial infrastructure projects by allowing them to take advantage of top-class investment incentives that are driving forward the economy, Local Growth Minister Penny Mordaunt announced. 

The funding will unlock development and pave the way for tens of thousands of new jobs as well as providing a significant boost to the UK’s construction sector.

This significant investment has been possible since the government gave councils powers to retain all business rates growth from their local enterprise zone and use the revenue generated to secure borrowing for infrastructure projects.

Local Growth Minister Penny Mordaunt said: “This just shows what can be achieved when you marry ground-breaking ambition with smart incentives. 

“This investment will deliver world-class infrastructure that ensures enterprise zones continue to attract brilliant companies, creating jobs and delivering real benefits to hard-working people.

“Other enterprise zones are taking note and I’m expecting to see even greater investment in the future, which is great news for the economy.”

The government launched its enterprise zone programme in April 2012 as part of its long-term economic plan to rebalance the economy.

Led by local enterprise partnerships and councils, the 24 zones are going from strength to strength with recent numbers showing they have created 12,530 jobs, attracted 434 new businesses and generated over £2 billion worth of private investment.

Image: Erebus555. Licensed under CC BY-SA 3.0 via Wikimedia Commons

 

 

 

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