The Leeds City Region, of which Selby District Council is a part, has welcomed the Chancellor's recent announcement that 21 areas will benefit from at least £100 million investment in enterprise zone-style tax breaks, deregulation, and relaxation of planning rules.
Under these proposals local authorities will be able to retain and reinvest business rates, whilst developers and businesses outside these areas will be offered various incentives for relocation and investment in the zones.
The Chancellor said that enterprise zones present "real opportunities for growth, and create bespoke incentives tailored to the needs and aims of the local economy."
In response to the announcement, Neil McLean, Chair of the Leeds City Region LEP Board said:
"The Leeds City Region Local Enterprise Partnership has a clear ambition to promote sustainable economic growth across the city region and we are delighted to be one of the first Enterprise Zones in the country.
As long as the enterprise zones reflect the needs of businesses and respond to current challenges then introducing them will certainly help remove some known barriers to growth and stimulate economic growth.
The LEP Board will consider options at its first meeting in April and will work to make a decision on the exact location by early May."
The Partnership is now working to understand the offer being made and the options available as well as identify city region areas that fit the criteria to become an enterprise zone and have the potential to trigger economic growth and benefit the wider city region economy.
Enterprise zones were first introduced in the 1980s in order to give businesses more freedom to operate through reducing taxation and relaxing the regulations affecting businesses.
Selby District Council is one of eleven local authorities working together as part of the Leeds City Region. Click here for more information.