AQW 37643/11-15

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 17/10/2014
Answered On Date: 29/10/2014
Priority Written: No

Question:
To ask the Minister of Enterprise, Trade and Investment when she expects the enterprise zone in Coleraine to be confirmed by Her Majesty's Treasury.

Answer:

The UK Government’s Economic Pact, published on 14 June 2013, set out 3 commitments in relation to Enterprise Zones, focusing on Enhanced Capital Allowances (ECAs), which permit 100% first year allowances for qualifying plant and machinery expenditure.

The pilot Enterprise Zone announced in the Chancellor’s Budget statement in March 2014 will only offer ECAs as an incentive. The decision to designate a particular area offering ECAs is ultimately for Treasury. Discussions are ongoing between the relevant stakeholders to put the necessary arrangements in place and it is anticipated that formal designation of the zone by HMT will be progressed as soon as those discussions have concluded.