Enterprise Zones are part of the Government's wider Industrial Strategy to support businesses and enable local economic growth. The first Enterprise Zones were launched in 2012, with a new wave of Zones created in 2016.
Enterprise Zones have established themselves as a key driving force of local economies as they provide tax breaks and Government support to unlock key development sites, consolidate infrastructure, attract business and create jobs. The benefits for a business locating within an Enterprise Zone are that they may be eligible to receive business rates discount (up to 100% business rate discount worth up to £275,000 per business over a 5-year period) and that the local authority is committed to provides a simplified planning process and to fast-track applications.
All business rates growth generated by the Enterprise Zone is retained locally for a period of 25 years to reinvest in local economic growth. This enables Local Enterprise Partnerships and Local Authorities to reinvest in site development and other local initiatives, to deliver long-term, sustainable growth based on cutting-edge technology and enterprise.
The Greater Cambridge Greater Peterborough Local Enterprise Partnership was successfully bid awarded two Enterprise Zones - Alconbury Weald Enterprise Campus in 2012, and Cambridge Compass Enterprise Zone in 2016. As the new Local Enterprise Partnership for the Greater Cambridge Greater Peterborough area, the Business Board is responsible for Enterprise Zone deliver.
The Enterprise Zone site:
The Cambridge Compass Enterprise Zone (www.cambridgecompass.com) comprises five key employment sites across the Greater Cambridge Greater Peterborough area:
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