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New 'enterprise zones' to 'boost UK economy'
New 'enterprise zones' are to be set up throughout Britain to help boost economic growth, the Chancellor George Osborne has announced.
Under the plans, targeted areas of the UK will be given tax breaks and other incentives in an attempt to address the needs of local businesses and industries.
It is also thought that firms within these zones could benefit from simplified planning rules, discounted business rates and superfast broadband.
Commentators have compared the scheme to a similar one launched by Margaret Thatcher in the 1980s.
Speaking at the Conservative spring conference, Osborne said: ‘They will be centres for new businesses and new jobs where taxes will be even lower and more restrictions on growth removed.
‘They will be in places in our land with great potential - but which need that extra push from government and local communities working together. I am delighted that Nick Bourne and the Welsh Conservatives have said they want to make these new enterprise zones work here in Wales too.’
The scheme is expected to cost £100m over the next four years and more details on the locations will be revealed on Budget day.