The Chancellor has announced Carlisle will become one of 25 new or extended Enterprise Zones... but what does that mean, and what benefits will it bring?
Firstly, it is thought the initiative could bring around 2,500 new jobs to the area.
But beyond that Enterprise Zones are supposed to offer a number of advantages to local businesses, which in turn should boost the region's economy.
What it will mean for the area:
All business rates growth within the zone for a period of at least 25 years being retained by the local area, to support the Partnership’s economic priorities and ensure that Enterprise Zone growth is reinvested locally.
Simplifying local authority planning, such as through Local Development Orders that grant automatic planning permission for certain development (like new industrial buildings or changing how existing buildings are used) within specified areas
Ensuring that superfast broadband is rolled out throughout the zone
Possible further benefits:
100% capital allowances for plant and machinery, in a limited number of cases and subject to State Aid, where there is a strong focus on manufacturing
OR - A business rate discount worth up to £275,000 per business over a five year period.
There could also be additional benefits to suit local circumstances, including:
Tax Increment Finance to support the long term viability of the area.
UKTI support for inward investment or trade opportunities in the Zone.
The Zone will be based at Kingmoor Park in Carlisle:
This is great news for Kingmoor Park and Carlisle. It is now all systems go to ensure that we make the most of this designation.