The Local Enterprise Partnership (LEP) will today (Thursday 8th
of March) unveil a package of tax incentives to encourage
manufacturing businesses to make substantial investments in plant
and machinery in the Sheffield City Region Enterprise Zone (EZ).
The incentives are available on business investments to a total
limit of £300m.
The LEP successfully negotiated the package with Central
Government and will be one of only six zones in England able to
offer enhanced capital allowances, offering up-front tax relief for
major capital investments. Additional incentives for smaller
businesses locating in the EZ, which are available from April
2012, include business rates relief, fast track planning and
access to superfast broadband.
The LEP is working closely with key private sector development
partners to deliver the EZ, including Henry Boot, Harworth Estates,
Sheffield Business Park and Peel Holdings.
James Newman, Chair of the Sheffield City Region LEP, officially
launched the Enterprise Zone to an audience of property investors
and decision makers at MIPIM, the world's largest annual property
event, in Cannes, France.
James said; "This announcement is expected create significant
interest in the international business community.
"We hope that these incentives will attract investment from
global advanced manufacturing and technology companies, creating
hundreds of jobs for local people and providing a catalyst for
continued economic growth.
"The vision of the Enterprise Zone is to build on the City
Region's significant credentials and strengths in advanced
manufacturing and materials to develop a Modern Manufacturing and
The Sheffield City Region is using Enterprise Zone status to
create a Modern Manufacturing and Technology Growth area along the
M1 Motorway, the country's main North - South corridor, with EZ
sites at junctions 36 in Barnsley, 33/34 in Sheffield/Rotherham
(including the Advanced Manufacturing Park) and 29a at Markham
Richard Wright, executive director of Sheffield Chamber of
Commerce, commenting on the Local Enterprise Partnership's tax
incentives to businesses;
"This is good news for the region and in more ways than many
people realise. We talk constantly about support for SMEs and them
being the power house of future growth, which is very true.
"But as a region we have to think carefully about the best way
to help them. Many of our SMEs are involved in supply chains, or
supporting supply chains, that trade internationally with major
Original Equipment Manufacturer (OEMs).
"To properly balance this region we need more larger supply
chain integrators that can take these major contracts then flow the
work down through our SME network.
"The three-hundred-million pounds will help this specifically,
but is then backed by incentives for the smaller companies on other
areas of the Enterprise Zone to encourage them to invest. The
economy of the Sheffield City Region is well placed to exploit the
deal that the LEP has secured for us so I say 'well done.'"