Plymouth Enterprise Zone
An Enterprise Zone is a designated geographical area in which businesses enjoy favourable tax credits, financing, and/or incentives which will use economic growth through new businesses moving to the area, developing and staying in that area.
The intention to create 21 Enterprise Zones across England to be delivered through Local Enterprise Partnerships (LEPs) was announced on 23 March 2011. The Heart of the South West LEP was approved on 30 March 2011 allowing Plymouth to apply for Enterprise Zone status.
An Enterprise Zone in Plymouth would focus on developing marine and renewable technology and advanced manufacturing, encouraging growth and diversification in the industries currently present within Plymouth which would strengthen Plymouth's economy, driving us towards the aim of becoming one of Europe’s finest most vibrant waterfront cities by 2020.
Plymouth's expression of interest was subsequently approved by the LEP, and a full application has now been submitted to Government.
A summary of Plymouth's Enterprise Zone proposal is available to download below, and a copy of the full application may be found on the Heart of the South West LEP website.
Plymouth Enterprise Zone summary [344KB]
Update on Enterprise Zones
17 August 2011
Key city partners have pledged to push ahead with plans for strengthening and expanding the local economy, despite not being awarded Enterprise Zone status by the Government in the latest round of awards.
Plymouth City Council, Plymouth Growth Board and Plymouth University say it’s business as usual and will push ahead with implementing other major economic development initiatives.
Initiatives currently underway include:
- the Council’s Plymouth Growth Fund which supports schemes providing the infrastructure and delivery to underpin growth
- £1 million of grants through the University’s business growth fund
- a submission to secure £6.7 million of European Regional Development Fund to further extend the Urban Enterprise programme
- roll-out the GAIN initiative - a £25 million commitment to development and growth of innovation businesses
- a proposal for a Marine Energy Park, development of a Technology Innovation Centre
- pro-active use of planning policy to enable and stimulate regeneration
- a series of high profile inward investment events attended by major UK and international investment houses and development organisations
- the staging of major events such as the America’s Cup is also considered by independent consultants to provide the city with significant economic legacy
The city is also waiting to hear news of potential Government funding in the shape of bids which were submitted in to the Regional Growth Fund.