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Devon councils agree on enterprise zone plans
Devon County Council and East Devon District Council have approved plans to create a business-friendly enterprise zone.
The councils have signed a memorandum of understanding which gives the go-ahead for the project and is estimated to cost £10 million a year.
The Exeter and East Devon Enterprise Zone is set to be in place for 25 years at four sites and will provide a range of incentives to attract and support businesses that are setting up or growing, including a five-year business rate reduction funded by government.
Councillor Andrew Leadbetter, Devon County Council cabinet member for economy and growth, said: “Devon County Council has a role to ensure these sites benefit from potential funding. The designation of the Enterprise Zone has the potential to accelerate growth through the delivery of key sites in the Growth Point and developing centres of excellence.”
Councillor Paul Diviani, leader of East Devon District Council said: “The Exeter and East Devon Enterprise Zone is a ‘win-win’.
“It further enhances our attractiveness to businesses and investors whilst giving us local control to reinvest the funds raised to further promote growth right here.”
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