Securing economic growth requires local business, the public sector and communities to act decisively to increase prosperity. To facilitate this, a radical reform programme has been embarked on by the Government to address these areas with the focus locally on driving up economic growth.
Enterprise Zones are the vehicle which the Government has chosen to facilitate these reforms and are about allowing areas with real potential to create the new business and jobs that they need.
The Black Country is one of just a few regions that have successfully received approval to become an Enterprise Zone. The Enterprise Zone concept was developed by the coalition government in a bid to jump-start private sector development by offering firms a range of benefits for locating to premises with an Enterprise Zone. These include a business rates holiday, superfast broadband and relaxed rules on planning. The Black Country Enterprise Zone is also one of only six to be awarded capital allowances of 100%.
The most famous Enterprise Zone in the Black Country is i54. This former landfill site has attracted interest from many large businesses and could prove to be the catalyst to encourage more high value manufacturers to relocate to the area. This is a much needed boost for businesses and will have a positive impact on the local economy as well as the potential to create over 4,000 jobs by 2015.
Jaguar Land Rover recently announced their plans to develop a new manufacturing facility at i54. The location of the site and a planned M54 motorway access junction make i54 an attractive business park. Aerospace company Moog has already started work on its new facility and plans have also been approved for a laboratory complex for Eurofins, the global leader in food, environment and pharmaceutical products testing.