You might have seen the news in the press that Nottingham was selected for one of the new Enterprise Zones in the Governments announcements last year. It was on around 100 acres at the Boots campus in Nottingham. This was a great piece of news.
But in the last 24 hours we have learned that the Government have decided to extend the EZ. It will now include Nottingham Science Park, Beeston Business Park and the area near the QMC to create a Medi-Park. This is fantastic news – particularly as we are involved in the first two schemes.
Although the benefits for an EZ are not quite as generous as they were when first introduced in the 1980′s, they are still nonetheless good for Nottingham. The ‘rules’ about EZ’s are here. But they key features are:
• A business rate discount worth up to £275,000 per business over a five year period
• All business rates growth within the zone for a period of at least 25 years will be retained by the local area, to support the Partnership’s economic priorities and ensure that Enterprise Zone growth is reinvested locally
• Government help to develop radically simplified planning approaches for the zone using, for example, existing Local Development Order powers
• Government support to ensure that superfast broadband is rolled out throughout the zone, achieved through guaranteeing the most supportive regulatory environment and, if necessary, public funding.
The Rates and Planning could be the thing that makes a difference in our slow marketplace. The Planning in particular could reduce the inevitable delays we currently have in our planning system.
This is a great announcement and perfectly timed for our MIPIM trip. It gives Nottingham a competitive advantage – which we now need to capitalise on…








