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The government will set aside £100m to target areas in the United Kingdom where business is struggling. The ‘enterprise zones’ will play a large role in the recovery of the economy. Specific areas will be targeted across the UK to produce maximum economic growth for the country.

George Osborne and Vince Cable will announce ten economic zones initially, and businesses in these areas will benefit from incentives including tax breaks, to encourage growth. As the Budget is due on 23rd March 2011, the Chancellor and Business Secretary have attracted criticism for their announcements of spending cuts to clear the country’s deficit, but no clear direction for economic growth. The zones will offer an efficient Broadband service and simplified business planning regulations to help reduce the burden of administration.

A similar initiative was launched by Margaret Thatcher in the eighties, which has led to a recent report from Centre for Cities claiming that the zones didn’t generate enough jobs and were a drain on public finances. According to the coalition government, there were successes including Doxford International, which created office space in Sunderland providing jobs for 8,000 people employed by large companies.

For businesses in the enterprise zones, this could be excellent news, offering a real opportunity for growth. A small business accountancy will be among the first to be informed of the enterprise zones and the tax breaks and other incentives provided. To maximise success for your business, it is essential to stay ahead of the developments, using a reputable online accountancy service.

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