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Welsh Government negotiating for further capital allowance relief as Enterprise Zones go live in Wales

Discussions are continuing between the Welsh Government and the UK Government on the viability of extending Enhanced Capital Allowances for Wales beyond Deeside, Business Minister Edwina Hart said today.
Monday 02 April 2012

Mrs Hart was speaking as Wales' five new Enterprise Zones went live at Cardiff, St Athan, Deeside, Anglesey and Ebbw Vale today, in line with Enterprise Zones in England. Two other preferred locations for Enterprise Zones have been identified at Trawsfynydd, Snowdonia, and Haven Waterway, Pembrokeshire.

Last month HM Treasury announced that 100 per cent Capital Allowances are to be made available to support selected investment in certain parts of the  Deeside Enterprise Zone.

Mrs Hart said:

"We have had ongoing dialogue with the Treasury on Enhanced Capital Allowances in Welsh Enterprise Zones and we said from the outset that we will take a bespoke approach at each location, tailoring our offer to best effect.

"Deeside is of great strategic importance to Wales for advanced manufacturing and Enhanced Capital Allowances will cement its competitive position and encourage new investment.  We will be working with local partners to agree detailed operation and delivery to achieve the maximum economic benefit.

"But the Welsh Government wants Enhanced Capital Allowances to work hard for Wales so I am continuing to seek maximum flexibility from the Treasury in terms of the overall level of allowances in Wales and the number of sites that could offer them. The Treasury has already responded constructively to my challenge and are continuing to work together for a strong outcome.

"I am pleased that Enhanced Capital Allowances have been agreed for a site at the heart of our Deeside Enterprise Zone, with the option for additional sites in Wales being added at a later date.  This staged approach means that more balanced consideration can be given to other opportunities in the first tranche of Zones being launched today, alongside opportunities in the two preferred locations I announced at the end of January."

Mrs Hart added:

"Today's launch of these five Enterprise Zones is just the first step - it shows that Wales is open for business."

The Welsh Government announced last September that as part of its economic policy agenda it would be introducing Enterprise Zones in Wales and take a bespoke approach to each location based on the skills and workforce history of each area.

The other Enterprise Zones in Wales that go live today are:

  • Cardiff Central Business District - with a particular focus on the Financial Services sector;
  • Anglesey – focused on the energy sector;
  • St Athan – with a focus on the aerospace sector;
  • Ebbw Vale – with a focus on the manufacturing sector;
  • Deeside – with a focus on the advanced manufacturing sector.
 

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Business and economy 02 April 2012 Economy Programme for Government Programme for Government - Growth Mid Wales North Wales South East Wales South West Wales
 
 

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