Over 8,000 new jobs have been reported by enterprise zones in the Northern Powerhouse over the past four years, the government has said.
It has been reported that enterprise zones in the North, which provide tax breaks and government support for new and expanding businesses, have attracted eight jobs per working day since 2012 and over £1 million per day in private investment.
1,220 jobs were created on northern Enterprise Zones in the three months to December 2015, an 18 per cent increase compared to the previous quarter.
There are 14 enterprise zones across the Northern Powerhouse, each offering: business rate discounts worth up to £275,000 per business over a five-year period; generous enhanced capital allowances (tax relief) worth millions to businesses making large investments in plant and machinery; and 100 per cent retention of business rate growth for the Local Enterprise Partnership, to enable them to fund development on the enterprise zone.
Andrew Percy, the new Northern Powerhouse Minister, said: “The Northern Powerhouse is attracting some of the world’s leading businesses to locate here and offer skilled jobs.
“Today’s figures make clear the real appetite to invest and do business in the north, with over 8,000 jobs over the last four years, thanks in no small part to the high quality local support on offer to new and growing companies.”
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