The Chancellor announced in his Budget that the Mayor of London would be given the choice of an Enterprise Zone in London. News of the choice the Mayor had made did not take long to come through. It's the Royal Docks in Newham. The zone will consist of 300 acres of development land near City Airport.
New businesses locating there during the term of the current Parliament will benefit from reduced business rates for five years.
“This new status is the icing on the cake for my vision to return the Royals to their former glory as a thriving, vibrant place to live, work and visit. Already home to the colossal ExCeL Exhibition Centre and the new International Convention Centre, investors are beating a path to the door of golden opportunities arising in this emerging district.
“Now with the financial and regulatory breaks granted as an Enterprise Zone there will be even greater incentives for new businesses to set up shop and create a thriving new centre of enterprise in this important corner of the capital.”