The North Kent Enterprise zone was announced in the Autumn Statement in November 2015 by Chancellor of the Exchequer. The plans were for 26 new or extended enterprise zones to be added to the 24 zones that were created in 2012. These Enterprise Zones are thought to be a key part of the strategy laid out by the government to create local area growth in a number of different areas around the country.
The North Kent Enterprise Zone has gone live, which will give financial incentives for businesses that relocate there. The Enterprise Zones are offering benefits including business rate discounts that could be worth anything up to £55,000 for 5 years. The plan is that the uplift generated by the business rates will be retained by their local authorities in order to allow them to invest it locally in economic growth. The funds will be retained by the authorities for 25 years, which should allow them to get the best investment possible from the uplift.
The North Kent Enterprise Zone was expected to begin on the 1st April. It is thought that the new Enterprise Zone will create growth in the local area and also lead to more jobs being generated. The business rates discounts will be available to those who move to the Enterprise Zone by 31st March 2022.
There are three different schemes that make up the North Kent Enterprise Zone: Ebbsfleet Garden City, Kent Medical Campus and Rochester Airport Technology Park. The Enterprise Zones are already in progress, and it is thought that the first tenants at the Zones will be welcomed at some point next year.
The Local Growth Minister, Andrew Percy has said that their plans for these Enterprise Zones is to stimulate business growth by providing the right environment for them. These Enterprise Zones are intended in order to strengthen the British economy. It is thought that the Enterprise Zones will be a strong platform for businesses to expand and develop.