Enterprise zones: How they help & list of zones

Definition

Enterprise zones are designated areas aimed at promoting economic growth, job creation, and investment by providing businesses with various incentives, tax breaks, and infrastructure support.

What are enterprise zones?

Enterprise zones are designated by the government to encourage economic development in specific geographic areas. Designation criteria may include factors such as unemployment rates, deprivation levels, infrastructure needs, and potential for business growth.

One of the key incentives offered to businesses in enterprise zones is business rate relief, which allows eligible businesses to receive discounted business rates for a specified period. This reduction in business rates can significantly reduce operating costs for businesses and encourage investment in the designated area.

Enterprise zones often receive government funding to invest in infrastructure improvements, such as transportation networks, utilities, telecommunications, and business parks. This infrastructure investment aims to enhance connectivity, accessibility, and the overall business environment within the zone.

The performance of enterprise zones is regularly monitored and evaluated to assess their effectiveness in achieving economic development objectives, job creation targets, and investment outcomes. Monitoring indicators may include business growth, employment levels, investment attraction, infrastructure development, and broader economic impact metrics.