Tax breaks boost for local businesses

Tax breaks, relaxed planning laws and superfast broadband will be offered to businesses as part of a new Black Country Enterprise Zone.

The region is one of 21, alongside Birmingham and Solihull, to get one of the zones announced by Chancellor George Osborne in the budget.

It will be similar to that offered under Margaret Thatcher's government which allowed the Merry Hill shopping centre in Brierley Hill to be built.

Today a shortlist was being drawn up by the Black Country Local Enterprise Partnership, which will decide where the Enterprize Zone will be located.

One favourite is the 226-acre i54 site, close to the M54 on the border of Wol-verhampton and Staffordshire.

Two companies, aerospace giant Moog and laboratory firm Eurofins, have agreed to move there but the vast majority of the £67 million business park remains unoccupied.

The Enterprise Zone will offer up to 100 upfront capital allowances on the cost of buildings, simplified planning applications and discounts on business rates.

Councils will also be able to keep the business rates they collect for 25 years rather than sending them on to the Government. It will have a business rate discount worth up to £275,000 over five years for firms that move into the area.

Stewart Towe CBE, chairman of the Black Country LEP, said: "I am absolutely delighted that the Black Country has been given this opportunity."

Mr Towe added talks were ongoing for the location of the new zone and an announcement is expected next week.

Wolverhampton's regeneration chief Councillor Peter Bilson added: "If Wol-verhampton is chosen for the Enterprise Zone then i54 is one of the obvious sites we have to look at."