Businesses locating to Skylon Park, the Hereford Enterprise Zone, will benefit from tax incentives for a further three years, under measures announced by the Chancellor in today’s Budget.
This means that businesses moving to the Hereford Enterprise Zone will benefit from business rate discounts for five years, with the offer extending until March 2018.
The support is being offered as part of the Government’s long-term plan to rebalance the economy, and will help Skylon Park Enterprise Zone achieve its potential as a key driver of the local economy.
Local Growth Minister Kris Hopkins said:
“Skylon has built on Hereford’s strengths to establish itself as a hub for defence, and advanced engineering industries. Today’s announcement will ensure it can continue expanding and fulfil its ambition of creating 4,200 jobs by 2022.”
The Skylon Park Enterprise Zone is developing a strong focus on defence and security sectors, building on the deep rooted association Hereford has with the UK special forces. Earlier this month, superfast broadband has been switched on in the Enterprise Zone, providing another boost to Skylon Park.