The Government’s decision to grant an enterprise zone to Great Yarmouth and Lowestoft is a major victory in our attempts to help kick start the local economy.
The newly announced Enterprise Zone will offer businesses a number of advantages within its area including a business-rate discount worth up £275,000 per business; a simplified and quicker planning process; and an increased ability to access development money. This bid will not only boost the local economy by attracting investment and creating new jobs; but the Government has guaranteed that any increase in business rates generated by the zone will be re-invested within the area of the Local Enterprise Zone.
From the outset, I backed this campaign, co-ordinating a joint approach by all of the local Members of Parliament. More recently, I arranged and then led a delegation to visit the Houses of Commons in order to lobby Greg Clarke, the Minister for Decentralisation.
This announcement is fantastic news. The Enterprise Zone will inject much needed fuel into our local economy. The Enterprise Zone will encourage investment; enabling growth and job creation. This has the potential to be a watershed moment; this zone makes anything possible. It will create jobs and attract investment. I am confident that Great Yarmouth will soon be moving into the economic fast lane. I would like to thank everyone who helped in this campaign. This is not just a victory for Great Yarmouth and Lowestoft but for the whole of the Eastern Coast.
17th August 2011