In a further show of confidence in the Northampton Enterprise Zone, Cosworth have now started the construction of a new 38,000 sq ft manufacturing facility located adjacent to their existing site within the Zone.
The Government announced in March a three year extension of the business rates discounts and Enhanced Capital Allowances for all 22 Enterprise Zones across the UK including Northampton Waterside Enterprise Zone.
The Chancellor, George Osborne, announced in his March budget statement that the Government move was in response to the fact that many of the Enterprise Zones that were created are now flourishing and the Government were keen to encourage further development and growth in these areas.
Any companies moving in to an Enterprise Zone before 2018 can benefit from a business rate discount of up to £55,000 per annum over a 5 year period which could equate to a saving of up to £275,000.
In addition to the business rate relief scheme , the Enterprise Zone is also an area within which there is a simplified planning process which will hopefully allow occupiers the benefit of a quicker and simpler planning process.
Further information on Northamptonshire Enterprise Zone can be obtained from www.northamptonshireez.co.uk