New businesses and jobs have been promised for Sunderland and South Tyneside after George Osborne gave the green light to a new North East Enterprise Zone in today's spending review.
The Chancellor George Osborne confirmed the North East Local Enterprise Partnership’s bid for a second Enterprise Zone (EZ) has been successful.
Like the existing EZ, the new one will be divided between several site across the North East, including Durham, Sunderland, Gateshead and South Tyneside.
Businesses located within EZs benefit from a number of key advantages designed to drive their growth, including business rate discounts for up to five years or tax savings through capital allowances for businesses investing in plant and machinery.
The LEP’s first EZ has been offering benefits to business in the offshore, renewables and automotive sectors. Since its creation in 2012, the EZ has attracted more than £100million of new private sector investment and resulted in more than 1,200 new jobs and 25 new businesses.
Helen Golightly, North East LEP Chief Operating Officer, said: “Enterprise Zones provide us with a strong offer to business to locate and develop in the
“We are committed to supporting business to grow and are delighted to be given the opportunity to build on the success of our first Enterprise Zone. The
second EZ will help us deliver the strategic economic plan and deliver more and better jobs for the region.”
North East LEP Chairman, Paul Woolston, said: “I’m delighted about our successful bid for a second Enterprise Zone for the region.
“EZs exist to drive growth in the smart specialisation areas identified by the LEP.
They will play a key role in supporting the creation of more high-quality jobs and attracting further private sector investment into the North East.”