Communities secretary Eric Pickles has announced that the Government is to increase its infrastructure investment by a massive £40 million, in the hopes that it will further attract new businesses and create thousands of local jobs.
At the time of announcement Eric Pickles said: "Enterprise zones are stimulating job creation and economic growth in different parts of the country with their special package of incentives to attractive new business ventures. The government is putting its money where its mouth is and making sure enterprise zones have the buildings and infrastructure they need to make sites ready for business to set up in."
Enterprise zones are areas which have been specifically targeted for economic growth. The polices surrounding them usually offer infrastructure incentives, tax concession and other reduced regulations in order to attract investors and private companies to them. Among the Enterprise zones shortlisted for this fund are areas in Birmingham, Tees Valley, Wirral Waters, Dover, Manchester, Sheffield and more.
Andy Rose, Chief Executive at the Homes and Communities Agency, which is administering the fund, said: "The response from the enterprise zones to this investment opportunity demonstrates just how crucial upfront infrastructure is to development. It is great news that this additional investment means more priority sites can be funded than first thought, creating more jobs in the areas that need them. We will now work with partners to refine the bids and ensure the investment is helping to maximise economic growth in local communities."
The full Government press release can be read HERE.