Enterprise Zones were established across the UK in 2012 as part of the Government’s Plan for Growth (2011) – supporting businesses and promoting economic growth and wellbeing. They are an established driver of local economies, stimulating development, attracting business, creating jobs and helping to strengthen key infrastructure.
In Oxfordshire, we benefit from two Enterprise Zones both backed by central Government – they are located within the South Oxfordshire and Vale of White Horse districts. Together, the two zones combine to act as one of the most active science-based clusters anywhere in Europe.
Our two Enterprise Zones are:
- Science Vale UK
- The Didcot Growth Accelerator
The Science Vale Enterprise Zone, located around the Harwell Campus and Milton Park sites, was awarded status in 2012 and the Didcot Growth Accelerator Enterprise Zone, situated in Milton Park and areas to the north of Didcot, was created in 2016. The two Enterprise Zones encompass a total of 16 sites covering over 216 hectares of commercial development land.
What are Enterprise Zones?
Through the creation of Enterprise Zones, ideas and technologies are supported with the view to make them commercially viable propositions, by offering incentives to businesses to establish or expand their operations within them – thus stimulating economic growth.
For the first five years of operation, Enterprise Zones were able to encourage businesses to move to the area by offering substantial discounts on their business rates. As a result, this has seen many new and innovative businesses establish a presence, taking advantage of the thriving development opportunities across the area – in fields such as life science, space and satellite tech, and energy research.
Since the culmination of the discount scheme, businesses continue to see great incentives to relocate to an Enterprise Zone, such as the key industry clusters in the area and re-investment of business rates in local projects.
All business rates growth generated within the Enterprise Zones is retained for 25 years – 2038 for Science Vale and 2043 for Didcot Growth Accelerator – and reinvested in local economic development.
Outcomes
Enterprise Zone income is helping to fund a number of infrastructure projects in Oxfordshire. So far, this has included road improvement projects and enhancements to the area’s public and active transport offerings.
Completed projects so far:
• Milton Interchange
• Chilton Slips
• Harwell Campus Entrance
• Harwell link road
• Hagbourne Hill
• Hinksey Hill roundabout
• Cutteslowe roundabout
• Wolvercote roundabout
• Enterprise Oxfordshire (formerly OxLEP) operating costs so far
Further Enterprise Zone income is allocated to help fund:
• HIF1 (Housing and Infrastructure Fund 1)
• Relief to Rowstock
• A423 improvement programme
• Oxford Station development
• Future Enterprise Oxfordshire (formerly OxLEP) operating costs
For more information, contact: Programme Manager for Major Projects, Sarah Watson at sarah.watson2@enterpriseoxfordshire.com.