As part of the 2015 Autumn Statement, Chancellor George Osborne announced that Buckinghamshire Thames Valley Local Enterprise Partnership (BTVLEP) had been successful in their bid to secure Enterprise Zone status for three sites in the Aylesbury Vale area. We spoke to BTVLEP Chief Executive Richard Harrington about what impact the successful bid will have for local businesses.

Q: First things first, what is an Enterprise Zone?

Enterprise Zones are areas designated by Government as priority sites for business investment. They were first established in 2012 and are at the heart of the Government’s long term Economic Plan. Businesses located in an Enterprise Zone can qualify for up to 100% business rate discount worth up to £275,000 over a five year period, benefit from a simplified planning regime through Local Development Orders and enjoy better digital connectivity and in some cases enhanced capital allowances. Over the past three years the 24 existing Enterprise Zone sites have generated over £2.2bn of private sector investment across the country.

Q: Are there any existing Enterprise Zones in Buckinghamshire?

No, when the previous call for sites was made in 2012 Buckinghamshire was not able to apply as we did not have a Local Enterprise Partnership. The nearest existing sites were at Harwell and Milton Park in Oxfordshire and at The Waterside in Northampton, so when the call was made for new sites earlier this year we were determined to address this gap. We were delighted when all three of our sites were selected as part of just 18 new zones across the country.

Q: Where are the new Buckinghamshire sites?

The first is a new development located by the entrance to the Silverstone Motor Racing Circuit, the second is at the Westcott Venture Park on the A41 and the third is at the Arla/Aylesbury Woodlands site to the East of Aylesbury. Together they offer over 96ha of development land providing a fantastic opportunity for business growth and new investment into our area.

Q: What will we see in the new sites?

Although operating as one joint Enterprise Zone, the three Buckinghamshire sites will each have their own distinct character and business specialism.

At Westcott, our focus will be on developing the space propulsion capacity. The site has traditionally been the base for rocket and engine testing, but has not had meaningful investment for decades. Despite this lack of investment, the park has already attracted a strong cluster of businesses who are driving the global innovation in rocket and space propulsion technologies and with the further  support of the UK and European Space Agencies can build on this expertise to be a world leading centre for research and development in this field.

Silverstone, unsurprisingly, will focus on high performance engineering and motorsports given that eight of the 11 Formula 1 Teams operate close to the circuit.

The Arla / Woodlands site will be aimed at health and food science industries building on the links already established by the Arla super-dairy and capitalising on the strategic location at the heart of the life-science Golden Triangle.

Q: Sounds exciting, so what happens next?

We met with representatives from the Department for Business, Innovation & Skills (BIS) at the beginning of the year and are currently agreeing the management process with the landowners and local authorities so that we can start offering development opportunities from May 2016.

Q: How can my business register interest in investing in the new sites?

If any business would like to find out more about investing in one of the Buckinghamshire Enterprise Zones simply send your details including your business sector, number of staff employed and accommodation requirements to info@btvlep.co.uk or telephone 01494 568933 for an informal initial conversation with a member of our team.