Birmingham Enterprise Zone booming with hundreds of new jobs attracted this year

Posted by adminbackup - September 29, 2015 - Newsroom - No Comments
  • Birmingham Enterprise Zone has now attracted 1,000 jobs to sites in the city centre and 14 businesses
  • Across the Midlands Engine zones have provided more than 6,500 jobs and supported 68 new businesses
  • More than 2,000 trainees and apprentices are benefiting from zones nationally, tackling local skills gaps

Enterprise zones are playing a vital role in growing the local and national economy, delivering greater prosperity to our economy and have now attracted more than 19,000 across the country jobs latest figures show.

The 24 zones report that they have now attracted £2.2billion of private investment and more than 540 new businesses across a range of key industries including the automotive, aerospace, pharmaceutical and renewable energy industry sectors.

Enterprise Zones are contributing to the Midlands Engine with six Enterprise Zones having been established in the Midlands since 2012. Latest figures show collectively they have provided 6,501 jobs, attracted £1billion of private investment and supported 68 new businesses.

Along with boosting the number of jobs the zones are proving popular with colleges seeking to set-up facilities and training opportunities to fill gaps in the local skills market.

Local Growth and the Northern Powerhouse Minister James Wharton said: “We are seeing Enterprise Zones across the country create thousands of jobs and billions of pounds of investment, boosting the local and national economy.  This is testament to the hard work of local people making the most of opportunities the zones bring for attracting firms.

“Having 19,000 new jobs on zones is a significant milestone and one which we will continue to build as part of the Government’s long-term economic plan to rebalance the economy.

“Britain is a great place to do business and there is much untapped potential local areas can build on, to make the most of their unique benefits, which is why more areas and businesses will be able to benefit from the support in a new wave of zones.”

The Birmingham City Centre Enterprise Zone has a £275million investment plan, has already delivered over 1,000 jobs and is driving forward growth. The jobs figure is expected to increase during the course of the year with HS2 Ltd completing their move into Two Snowhill, and as other major developments complete. Infrastructure works are also underway on the Paradise Enterprise Zone site, which is receiving £87.8 million from the Greater Birmingham and Solihull Local Enterprise Partnership.

Simon Marks, Board Director for Optimising Assets and Enterprise Zone Champion, Greater Birmingham & Solihull Local Enterprise Partnership, said:  “Enterprise Zones are a major enabler of growth, providing local economies with the tools they need to drive job creation and productivity through investment in infrastructure and connectivity. The Birmingham City Centre Enterprise Zone is a leading example. It plays a crucial role in enabling game-changing projects like Paradise Birmingham to come forward and, in the future, will be the key to maximising the benefits of HS2 by building a transformative legacy in the centre of Birmingham.

“With more inward investment and business start-ups than anywhere else outside of London, Greater Birmingham has laid down a marker and we are well on our way to re-establishing ourselves as the major driver of the UK economy outside of the capital. The Enterprise Zone is central to that vision, and we look forward to celebrating its continued success.”

The Government launched Enterprise Zones in April 2012 as part of the long-term economic plan to rebalance the economy so all parts of the country have the tools to thrive. The Chancellor announced the further expansion of the programme as part of his summer budget.

The zones, which are delivering a multi-billion boost to local economies, offer a number of benefits including tax incentives, simplified planning and superfast broadband for firms.

There is activity on all zones, whether it is continued growth on established sites or former derelict sites being brought back to life.

And to ensure more places can reap the benefits that comes will having an Enterprise Zone all Local Enterprise Partnerships now have the opportunity to bid for a zone in their area.

This will allow more places outside of our core cities – and particularly smaller towns – to tap into the opportunities that zones can bring in terms of delivering local jobs and growth.

Businesses basing themselves on Enterprise Zones can access a number of benefits including:

  • up to 100% business rate discount worth up to £275,000 per business over a 5-year period;
  • 100% enhanced capital allowances (tax relief) to businesses making large investments in plant and machinery on zones in assisted areas;
  • 100% retention of business rate growth for LEPs, to enable them to fund development on Enterprise Zones.

Ends

Notes to Editors

  1. Data on the outputs of the Enterprise Zones programme are self-reported by local areas on a quarterly basis. It covers all of England but currently excludes London.
  2. All efforts have been made to ensure the data’s accuracy and new collection arrangements are being implemented to improve the process.
  3. Data provided by individual Enterprise Zones covering the period up to the 31st March 2015. Breakdown of jobs and investment data nationally and by region can be found at http://enterprisezones.communities.gov.uk/ez-data-release-24-08-2015/
  4. Press release about data on apprenticeship and trainees is at http://enterprisezones.communities.gov.uk/enterprise-zones-delivering-top-class-training-apprentices/.
  5. Press release about the extension of the Enterprise Zones programme is at:
  6. https://www.gov.uk/government/news/opportunities-for-places-to-benefit-from-enterprise-zone-boom

 

For press enquiries, please contact Tom Tyler, Enterprise Zones Team Cities and Local Growth Unit 0303 444 1686 or 07500 814049

For further information regarding GBSLEP, please contact Katie Trout at GBSLEP – 0121 303 9867 or email katie.trout@birmingham.gov.uk