enterprise zones

FPB: Enterprise Zones “must meet local needs”

The enterprise zones due to be unveiled in this year’s Budget must offer different tax breaks depending on the need of the local area, the Forum of Private Business (FPB) has said. Chancellor George Osborne announced at the Conservatives’ spring conference that the Government will create an initial ten enterprise zones, giving businesses in potentially high-growth and less wealthy areas tax breaks and simpler planning rules. The aim is to encourage businesses in these regions to start up and grow. The scheme is a smaller-scale version of the first enterprise zones launched in 1981 by Michael Heseltine. FPB research projects manager, Thomas Parry, said that the zones have the potential to drive growth if a flexible approach is used. “There should not be a rigid set of rules, because t... »

Thatcher’s Enterprise Zones to Make a Comeback?

Enterprise zones, introduced by Margaret Thatcher’s Conservative Government back in 1979, could be making a comeback if reports of their revival are true. According to the London Evening Standard Chancellor George Osborne and Business Secretary Vince Cable are discussing the merits of bringing back Thatcher-style enterprise zones in order to boost the economy. Firms that work in enterprise zones to create jobs could be incentivised by tax breaks, making business more appealling in areas where there is the greatest need. In the past areas such as Corby in the East Midlands and Tyneside have benefited greatly from the influx of job creation opportunities from firms encouraged to establish factories and offices. (For a full rundown see the HMC’s List of enterprise zones.) London D... »