If the bid is successful, the zone could bring thousands of jobs to Norfolk and Suffolk, and would consolidate the area’s position as England’s energy region.
Businesses within enterprise zones will benefit from a reduction in their business rates, a relaxation of planning rules to encourage development, and the roll-out of superfast broadband.
Earlier this year the Government announced a first wave of enterprise zones in the 11 biggest cities, including London.
Now local enterprise partnerships covering the rest of England have been invited to submit bids for enterprise zones – with 10 locations due to be chosen by the Government this summer.
Competition for the enterprise zones is expected to be fierce, with around 30 bids expected from LEPs across the country. LEPs can submit a maximum of two locations, with the Government’s policy of rebalancing the economy expected to favour locations in the North.
Areas within New Anglia were invited to submit potential sites to be considered by the New Anglia LEP board, which met for the first time on Monday.
Bids covering Bury St Edmunds, King’s Lynn, the Norwich Research Park and Broadland were considered, with the proposal covering Great Yarmouth and Lowestoft selected.
The Great Yarmouth and Lowestoft enterprise zone will be spread across four sites in the two towns and focused on attracting new businesses and jobs in the energy sector and related industries.
Andy Wood, chairman of New Anglia LEP and chief executive of Adnams, said he was impressed with the quality of the proposals put forward, but the board believed the Great Yarmouth and Lowestoft bid offered the best chance of success.
He said: “The proposals were independently assessed against the priorities of the New Anglia Local Enterprise Partnership and the criteria being developed by the Government to assess bids.
“After careful consideration the board felt the Great Yarmouth and Lowestoft proposal offers the best chance of success in what will be a tough competition for one of just 10 enterprise zones.
“We will be working with colleagues from Great Yarmouth and Lowestoft over the next few weeks to put together the best possible case to the Government. We recognise that securing an enterprise zone will be challenging, but we are determined to do whatever we can to drive forward the economies of Norfolk and Suffolk.”
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