That’s the verdict of Andrew Allen, corporate partner in the Truro office of South West accountancy practice Francis Clark (which has recently merged with Winter Rule). He said that the new status, announced by the Government this week, will be a powerful incentive for companies to locate to the airport, especially when combined with other factors.
He said: “For the Cornwall and the Isles of Scilly Local Enterprise Partnership to secure an Enterprise Zone against stiff competition nationally is a great achievement, and the Chancellor George Osborne said during his visit to Cornwall this week [Aug 18] that it was one of the strongest bids.
“When you combine it with other things the airport can offer then I think it becomes a compelling proposition. Earlier this year the Cornwall Development Company (CDC) secured a Local Development Order for the airport, which streamlines the planning process. The infrastructure is first class and much of it is brand new, the airspace is relatively uncluttered, there is Convergence investment available and a real can-do attitude from the CDC and Cornwall Council.
“That creates a perfect recipe for inward investors looking to establish a presence at Newquay. And it means we have the tools to be able to react quickly to opportunities. I think there’s huge potential for aviation related industry from pilot and crew training through to aircraft maintenance and testing. The impact of the Newquay Aerohub Enterprise Zone should not be underestimated.”
Mr Allen said the Enterprise Zone would offer:
• a 100% business rate discount over a five year period, worth up to £275,000 in total for each business in the zone
• Re-investment of the additional business rates generated in the zone over a 25 year period back into the local area
• A simplified planning regime
• Provision of superfast broadband
He added: “There may also be other enhanced tax relief advantages for capital expenditure and financing and inward investment available, so we are awaiting news about those and will be updating our dedicated Enterprise Zone web page when we hear.”
Ministers confirmed this week that Newquay is one of 28 Enterprise Zones around the country following a successful bid by the Cornwall and the Isles of Scilly Local Enterprise Partnership. Cornwall Council said it will potentially deliver over 700 jobs in direct aerospace and a further 375 in the wider economy over the next five years.
To find out more about the Newquay Aerohub Enterprise Zone visit: www.winterrule.co.uk/newquay-aerohub-enterprise-zone/
Ends
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