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Stephen Timms, MP for East Ham, hailed yesterday’s announcement of an Enterprise Zone within London’s historic Royal Docks “...as a welcome relief amidst the catalogue of hasty and unwise cuts made by this Tory-led Government”.  He welcomed the initiative of Sir Robin Wales, Mayor of Newham, in calling for the Zone to be designated.

The 125 hectares of development land adjacent to City Airport were awarded Enterprise Zone status in yesterday’s budget. It is designed to encourage new businesses to locate there during the term of the current Parliament as they will benefit from reduced business rates for five years. Importantly, the business rates collected from those newly established businesses in the zone will be retained by London’s recently created Local Enterprise Partnership for the next 25 years creating an ongoing economic development fund.

After the announcement Mr Timms said: “...whilst all the figures are showing that the Coalition’s policies have been bad for economic growth generally and for employment prospects particularly, this enterprise zone - in an area that is ripe for development - provides a real opportunity for East London.”

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AuthorStephen Timms