Enterprise M3, in partnership with Basingstoke and Deane Borough Council, East Hampshire District Council and Runnymede Borough Council, secured ‘multi-site Enterprise Zone’ status, paving the way for millions of pounds of private investment and thousands of new jobs. Chancellor George Osborne announced in November 2015 a new Enterprise Zone for Basing View, in Basingstoke, Longcross Park, in Chertsey, and Whitehill & Bordon which will deliver new businesses, new jobs and new opportunities, stimulating significant economic growth in the area.
Businesses taking up occupancy in an Enterprise Zone before 31 March 2022 will receive 100% business rate discount for 5 years, up to maximum state aid threshold of £275,000.
Business rates generated, estimated to be in the region of £178 million (over 25 years), in the Enterprise Zone will also be retained in the area by the Enterprise Zone Partnership Group providing an investment fund over the next 25 years that will support future economic growth across the Enterprise Zone and the wider LEP area.
The funding will be used to invest in physical infrastructure and place-making projects, keeping the Enterprise M3 area globally competitive, with strong connectivity and world-class businesses and skills.
The multi-site Enterprise Zone links three key centres within the ‘Sci:Tech Corridor’, an economic asset of national importance and home to thousands of innovative, high-tech companies capable of leading the world in areas including digital media, 5G communications and cyber security.
Business growth will be achieved in a number of ways which will include accelerating development of ‘grade A’ office space, establishing business incentive schemes, positioning and marketing the Enterprise Zone as an important digital cluster and attracting foreign direct investment.