The Government has awarded an area of 503 hectares around the Humber Estuary with Enterprise Zone (EZ) status.
This EZ includes a 253 hectare area in Hull around Alexandra Dock (Green Port Hull), Queen Elizabeth Dock and Paull, a multiple number of sites to the north of Hedon Road, as well as land at the BAE Systems site at Brough.
- 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 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 this is a strong focus on manufacturing that will provide opportunities for businesses and help attract Foreign Direct Investment – building on the key strengths of the area especially the skilled workforce. The investment must be made before April 2020.