Budget boost for Aire Valley Leeds enterprise zone
The window of opportunity for companies to take advantage of reduced business rates by locating in the Aire Valley Leeds enterprise zone has been extended for a further three years, under measures announced by the Chancellor in today’s Budget.
The announcement means that any business moving to the enterprise zone before March 2018 will be able to benefit from business rate discounts worth up to £275,000 over a five year period.
The support is being offered as part of the Government’s long-term plan to rebalance the economy, and will help the Aire Valley Leeds enterprise zone achieve its potential as a key driver of growth for the Leeds City Region economy.
Local Growth Minister Kris Hopkins said:
“The Aire Valley Leeds offers an exciting opportunity to bring well-paid, skilled jobs to the area, creating career opportunities for local people.
“Today’s Budget means the Aire Valley Leeds and the city of Leeds will continue to be attractive locations for businesses to locate and invest in, offering state-of-the-art facilities and an attractive environment for advanced manufacturing companies for years to come.”
Leeds is the UK’s third largest centre for manufacturing and the wider Leeds City Region is the largest manufacturing centre outside of London, with 135,800 employed in the sector.
With an extension to the financial incentive for businesses moving to the enterprise zone, Aire Valley should continue to boost Leeds’ manufacturing strength.
Cllr Richard Lewis. Leeds City Council’s executive member for the economy and development said:
"Today's announcement that the 'window' during which businesses can qualify for reduced business rates is great news for the Aire Valley Leeds enterprise zone. It fits perfectly with our strategy for accelerating development of key sites to deliver industrial premises for modern manufacturing and supply chain companies.
"Building on the progress that has been made to date, it adds significantly to the offer and attractiveness of the enterprise zone as a business location. Funding packages for infrastructure work to deliver these sites have now been confirmed and the first units will be available from March 2015.
“It means that new occupiers will have added incentives to locate within the enterprise zone, which offers unparalleled advantages in terms of scale, transport infrastructure, proximity to Leeds city centre and one of the UK's biggest concentrations of manufacturing."
The Aire Valley Leeds enterprise zone currently has 325,000 sq ft of employment space in the development pipeline with 160,000 sq ft of new employment floor space scheduled for completion during 2014.
Funding totalling £8.57 million has also been announced to bring forward remediation and infrastructure work on key development sites. The funding will lever in up to £30m additional private sector investment, helping to deliver more than 630 jobs and create high quality industrial premises for modern manufacturing and supply chain businesses.
Long term programme to drive growth
Enterprise zones are at the centre of the Government’s plan to grow the economy in a balanced way – across all industries, creating jobs and getting people into employment.Since they were launched in April 2012 Enterprise Zones have laid firm foundations for success, attracting international companies, building centres of excellence in key industries such as automotive, pharmaceuticals and renewable energy that will ensure that Britain continues to be competitive and successful on a global stage.
Contact for further information:
David Baggaley, Leeds City Council, Economic Development
Tel: 0113 247 7851