After a long break off due to bank holidays, royal weddings and a few days actually booked holidays - thought I would get back on the horse and write a new article - flavor of the week today - the New Enterprise Zones in the UK.
What is an Enterprise Zone?
The concept of an Enterprise Zone started in the US and migrated to the UK in the late 1980's in the days of Margaret Thatcher. The main purpose for these enterprise zones is to stimulate the economy by encouraging business start ups and local investments through reduced taxes, reduced business rates, relaxed planning rules for developments, access to finances and venture capitalists and super fast connectivity - the most notable and successful enterprise zone is the London Docklands around Canary Wharf. Only 30 years ago the docklands was a run down area with poor transport links, now it is one of the busiest financial districts in the world.
Where will the new Enterprise Zones be?
In 2011 George Osborne announced that they are planning 21 new Enterprise Zones across the UK with the aim to boost the UK economy - the first of these zones will be in Leeds, Sheffield, Liverpool, Greater Manchester, the west of England, the north-east of England, Tees Valley, Nottinghamshire, the West Midlands Conurbation and Derbyshire - There will also be a new Enterprise Zone in London near the Royal Docks in the London Borough of Newham.
What next?
With these new enterprise zones taking shape and more to be announced it must only be a good thing for the UK economy and especially new start ups and large firms alike. The government is also planning to create more funding available for new start ups through the Technology Strategy Board and offering start up advice through Start up Britain at least we can say the government is trying to start growth.
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