The Government has awarded an area of 503 ha around the Humber Estuary with Enterprise Zone (EZ) status.
This EZ includes a 253 ha area in Hull around Alexandra Dock (Green Port Hull), Queen Elizabeth Dock and Paull, a number of sites to the north of Hedon Road, as well as land at the Brough Humber Enterprise Park.
Enterprise Zone status allows renewable energy sector businesses locating in the area to benefit from a package of measures to make setting up business easier. It will also encourage inward investment and job creation.
Benefits include:
- 100 per cent business rate discount worth up to £257,000 over a five-year period for businesses moving into the EZ before April 2018
- Subsequent business rates growth within the EZ will be shared by the local authorities in the Local Enterprise Partnership (LEP) and reinvested locally to support LEP economic priorities
- Development of simplified planning approached in the EZ, such as Local Development Order powers
- Government support to ensure superfast broadband is rolled out throughout the EZ
- Enhanced capital allowances for plant and machinery*
* Where there is a strong focus on manufacturing that will provide opportunities for businesses and help attract direct foreign investment which builds on the key strengths of the area, especially the skilled workforce. The investment must be made before April 2020