Businesses locating to the Bristol Temple Quarter Enterprise Zone will benefit from tax incentives for a further three years under measures announced by the Chancellor in the Budget.
This means that businesses moving to Bristol’s Enterprise Zone will benefit from business rate discounts for five years, with the offer extending until March 2018.
The support is being offered as part of the Government’s long-term plan to rebalance the economy, and will help the Bristol Temple Quarter Enterprise Zone achieve its potential as a key driver of the local economy.
Local Growth Minister Kris Hopkins said:
“Bristol Enterprise Zone offers a vibrant and exciting setting for creative businesses looking to relocate.
“The Budget announcement will boost this further, offering these companies significant business rate discounts that could help them as they set up in the city.”
Mayor of Bristol George Ferguson said:
“Enterprise Zones are playing a vital role in securing economic growth around the country. Here in Bristol we are already seeing jobs growth as new companies move into the Temple Quarter Enterprise Zone taking advantage of business rate discounts. The news that these financial incentives will be available until 2018 is very welcome and will help us to drive yet further investment to the zone.”
Bristol Enterprise Zone is one of the largest urban regeneration projects in the UK and home to one of the country’s first speculative office developments outside London since the end of the recession – Two Glass Wharf by Salmon Harvester. It has established itself as a hub for flourishing creative, digital and green industries and will also be home to a new performance arena and mixed use development.
Enterprise Zones are at the centre of the Government’s plan to grow the economy in a balanced way – across all industries, creating jobs and getting people into employment.
Since they opened for business in April 2012 Enterprise Zones have laid firm foundations for success, attracting international companies, building centres of excellence in key industries such as automotive, pharmaceuticals and renewable energy that will ensure that Britain continues to be competitive and successful on a global stage.