Established in 2011, Enterprise Zones are at the heart of the government’s long term economic plan; supporting businesses to sustainably grow. They intend to deliver long term, economic growth based on innovation, enterprise and partnership working, attracting new businesses and creating jobs whilst enabling investment into necessary supporting infrastructure.
Enterprise Zones are geographically defined areas, hosted by Local Enterprise Partnerships in which commercial and industrial businesses can receive incentives to set up or expand.
Businesses basing themselves on Enterprise Zones can access a number of benefits:
- Up to 100% business rate discount worth up to £275,000 per business over a 5 year period;
- Simplified local authority planning, for example, through Local Development Orders that grant automatic planning permission for certain development (such as new industrial buildings or changing how existing buildings are used) within specified areas;
- Government support to ensure that superfast broadband is rolled out throughout the zone, and, if necessary, public funding.
North Norfolk has two enterprise zones: Scottow Enterprise Park and Egmere Business Zone.