London’s Royal Docks to be enterprise zone

Thousands of jobs could be created after it was confirmed London’s historic Royal Docks has been given enterprise zone status.

New businesses locating within 125 hectares of development land adjacent to London City Airport during the term of the current Parliament will benefit from reduced business rates for five years.

Business rates collected from those companies in the zone will be retained by London’s recently created Local Enterprise Partnership for the next 25 years.

This will create an ongoing economic development fund which can be re-invested in promoting economic growth elsewhere in the capital or set against borrowings for investment.

Mayor of London Boris Johnson said: “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.”

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Separately, discussions are to take place on the setting up of a Mayoral Development Corporation (MDC) in N17 in Haringey borough – one of London’s most deprived neighbourhoods.

This would be London’s second MDC after the one proposed for the Olympic Park.

It would also offer business rate incentives to new enterprises using powers being granted under the Localism Bill.