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Following the announcement made by BAE Systems to axe nearly 3000 jobs, the government have announced the creation of new Enterprise Zones in Brough, East Yorkshire and Lancashire. The Zones will help ease the problems caused by the loss of so many jobs in the areas. Enterprise Zones introduce measures to help create growth and encourage new enterprise to the areas, including substantial tax breaks.

The chancellor, George Osborne announced that the zones would be set up by April 2012, stating that the government were to be proactive at a time when so many highly skilled jobs were being axed. He said:

“What we are announcing today, to help those workers at BAE is a new enterprise zone around the Warton and Samlesbury sites. We are going to work with the company to design that zone, in exactly the right location.”

He followed the announcement by saying that he hoped details would be finalised shortly, so that the zones would be set up by April. According to the chancellor, the job losses are a result of governments around the world reducing their defence budgets, including the United States of America.

The new Enterprise Zones offer large tax breaks to new companies, including discounted business rates, super fast Broadband and reduced red tape for planning. The zone to be created at Brough, East Yorkshire would be the fourth to be set up in the Yorkshire area. The Brough branch of BAE Systems has 1,300 employees currently in its employ.

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Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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