local government policy

• How do local authorities encourage investment in an area?

  create local enterprise zones aimed at encouraging partnership between the local authority and private business
• What benefits do enterprise zones offer businesses?

  simplified local authority planning within specified areas

  government funding to ensure that superfast broadband is rolled out throughout the zone

  paying lower taxes due to tax relief thus receive higher profits

  positive multiplier effect- agglomeration =businesses of a similar type locate in the same area- mutually beneficial- provide support for each other
• What benefits do enterprise zones offer local communities?

  a driving force of local economies as they unlock key development sites, consolidate infrastructure, attract businesses and create jobs

  all business rates growth generated by the enterprise zone is kept by the relevant local enterprise partnership and local authorities in the areas for 25 years to reinvest in local economic growth
• What benefits do enterprise zones offer for UK economy?

  attract more foreign investment into the country

  bring jobs and businesses across England

  deliver long-term, sustainable growth based on cutting-edge technology and enterprise
• What are enterprise zones?

  designated areas across England that provide tax breaks and government support

  they are great places to do business especially for both new and expanding firms
• What are enterprise zones?

  geographically defined areas, hosted by Local Enterprise Partnerships in which commercial and industrial businesses can receive incentives to set up or expand.
• What do enterprise zones aim to do?

  encourage people to relocate to an area for high-skilled, high-paid jobs - area will be improved by gentrification, property values will rise, changes perception on area , more positive as

  attract investment

  create employment opportunities

  gives incentives/ tax relief for businesses - givigg them an opporutnity to develop
• What are science parks?

  innovation centres- developing new ideas, products through research and development

  purpose built to house research and development

  an example is Cambridge science park
• 5.       Enterprise Zones and science parks help create innovation and growth in the UK by attracting high-skilled workers and retain them, attract leading minds in particular fields from other countries, attract international migrants with high kills and cutting-edge technology, putting the area on the map globally for high representation in its field, process of agglomeration means that erserach in one field can often support research in another field
• What are science parks?

  designated areas created to promote innovation and act as hubs for advances in high technology

  they are intended to support regeneration in economically depressed regions and cities of the UK by attracting new businesses and start-ups, which promotes economic growth
• What do science parks do?

  provide an environment where international businesses can develop links with universities and higher education institutes

  they also raise the value of the business located there, as well as the income of people working there
• How many science parks are there in the UK?

  there are over 100 science parks in the UK, employing about 75,000 people
• : One of the primary criticisms is that tax incentives reduce the amount of revenue available for public services such as education, healthcare, and infrastructure. This can lead to underfunding of essential services and infrastructure projects, particularly in areas where tax breaks are granted.
• Tax incentives for businesses, especially those in the technology sector, can exacerbate income inequality. While high-skilled workers in these industries may benefit from increased job opportunities and higher wages, lower-skilled workers and marginalized communities may not share in the economic gains.
• Tax incentives for large corporations, such as those on the Science Park, can disadvantage small businesses that are unable to access similar incentives. This can create an uneven playing field and stifle competition, ultimately harming entrepreneurship and innovation in the region.