Incentives from the Budget will help steer the East of England ever closer to becoming the heart of the UK offshore wind industry.
A three-year extension on business rate discounts for companies moving to the Great Yarmouth and Lowestoft Enterprise Zone was among the Chancellor’s measures in what is predicted to be a pivotal year for the region.
James Gray, inward investment director for the East of England Energy Zone said: “The Chancellor’s timing is excellent with many big decisions in the offing for windfarms off the East of England coastline in 2014, giving potential investors the opportunity to take up the additional benefits offered by the Enterprise Zone.”
The Budget also offered encouragement for the region’s supply chain, skills drive, exporters and resurgent offshore gas industry.
Mr Gray said the announcements built on earlier good news for the region’s windpower sector which included:
Mr Gray praised the efforts of the New Anglia LEP and local MPs for their determined lobbying on behalf of the Enterprise Zone incentive which was due to expire early next year.
The Zone’s ambition is to create 9,000 new jobs by 2025.
Press release, March 21, 2014; Image: tms-media