With nine new sites and bigger and better incentives, Sheffield City Region leaders now believe they’ve got the best enterprise zone package on the planet.
Which is just as well, because the scheme of tax breaks and fast track planning on 29 sites is a ‘central plank’ in plans to create 70,000 jobs.
But don’t just take their word for it. The Financial Times conducted a survey of 468 European cities and concluded Sheffield City Region has the best strategy for attracting inward investment to the area.
The announcements, at French property show MIPIM in March, were swiftly followed by the Budget in which the Chancellor extended Enterprise Zone tax incentives for a further three years.
James Newman, chair of the Local Enterprise Partnership, said: “It means investors can access the top levels of tax incentives in Sheffield City Region until 2020.”
Now, businesses moving to sites which offer business rate relief could benefit from discounts for five years, with the offer extending until March, 2018. On sites where enhanced capital allowances are available, businesses now have until March 2020 to make an investment, and can then write off up to £100m against corporation tax.
The expanded enterprise zone now includes new sites at Doncaster-Sheffield Airport, Gladman Park at J36 of the M1 and Capitol Park at J37 - both in Barnsley, Smithywood at J35, Dinnington in Rotherham, near J31, and Vantage Park in Sheffield by J34.
Local growth minister Kris Hopkins said: “Sheffield City Region Enterprise Zone is already establishing itself as a hotbed of innovation and a centre for thousands of new jobs, business and growth.
The Sheffield City Region inward investment strategy forms part of the wider Strategic Economic Plan, which sets out a 10-year vision, which will mean a £3bn boost for the local economy and 70,000 additional jobs for local people.
Since its launch, 18 new companies have located on the enterprise zone, with 345 jobs created and 300 more set to be created in the coming months.
Combined with expansion of existing sites, the zone is 50 per cent larger than previously.