The UK Government has outlined plans to launch two new Enterprise Zones while extending several more of the thriving business hubs, promising businesses across the country a major boost.

When it comes to oil & gas, the initiative will bring a new site at the Tees Enterprise Zone that will focus on the decommissioning of offshore oil and gas – a new sector for the UK.

According to the UK Government, Tees is strategically placed to develop the fledgling sector due to its close proximity to the oil fields of the North Sea. The move will deliver more than 120,000 square metres of floor space and provide space for nearly 1,000 jobs;

Overall, the Government will be extending seven of the 24 existing Enterprise Zones.

Blackpool and Plymouth will become new Enterprise Zones, set to benefit from the business incentives and world-class infrastructure that Enterprise Zones bring to their local economies and communities.

The Government is also looking to add two new sites to the Discovery Park Enterprise Zone in Kent, while extensions have been rubberstamped for Motor Industry Research Association Technology Park in the Midlands, Humber, Leeds, Mersey Waters, Manchester and Oxford and the above mentioned Tess.

Local Growth Minister Penny Mordaunt said: “Enterprise Zones are driving forward our economy, creating thousands of jobs and attracting billions of pounds in private investment. Extending the programme as part of our long-term economic plan means we can build on that success, allowing hundreds more companies to benefit from the top-class business incentives and world-class infrastructure that these thriving business hubs offer. It will mean thousands more jobs for hard-working people and a real boost to local business.”

The changes are expected to start from April 2016.

Source: www.offshoreenergytoday.com

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