The Humber LEP has had success in negotiating more areas to become Assisted Areas for 2014-2020, which will help the area to further improve its competitiveness for major investments.
The negotiations have seen the Humber Assisted Area map add areas along its waterfront, which has seen gains of large areas in North Lincolnshire including Scunthorpe, across the river in Brough and now Goole’s Capitol Park has also been added. The Humber’s assisted areas were agreed by the EU on Friday.
In total 9 additional wards in the Humber – three on the North Bank and six on the South Bank – are set to gain assisted area status, including key development areas around Scunthorpe, Melton, Brough and in the Bricknell area of Hull. However, two areas in North East Lincolnshire – Yarborough and Heneage wards – have lost assisted area status.
All of the Humber LEP’s enterprise zones will be covered and with the Government announcing the extension of capital allowance incentives won by the LEP for Green Port Hull, Able Marine Energy Park, Queen Elizabeth Dock South and a site near Paull to continue through to 2020.
These provide tax breaks for large manufacturers which help the Humber to be competitive. The LEP is now lobbying Government for the incentives to be extended after 2017 as the renewables sector develops.
The new assisted areas on the map will take effect in July 2014.
Small to medium businesses in assisted areas can receive larger capital grants for growth projects that create jobs – up to 30 per cent compared to 20 per cent in non assisted areas.
Large companies in assisted areas can get 10 per cent grants for growth projects that create jobs.
This is important for helping our existing businesses grow and attracting inward investment, for example through our Growing the Humber RGF programme and other public sector grants for example European Regional Development Funded programmes and initiatives delivered by national agencies e.g. Technology Strategy Board.
Many of the Growing the Humber grants have been able to use this form of regional aid including SMEs such as Lynx recycling in North East Lincolnshire and Gostelows and Sports ID in Hull.
The LEP has been making the case to Government for the Humber to benefit from assisted areas, with support from local authorities. The case rested on the economic potential of the Humber, and the proximity of key development sites to areas of higher unemployment.
Richard Kendall, Humber LEP manager, said:
“We are delighted with the news that Goole’s Capitol Park has been added alongside the large gains in North Lincolnshire and Brough. The Assisted Areas will help us to support more businesses to grow and invest around the Humber. The status is particularly important for enabling development to take place on our Enterprise Zone sites.”