AQW 45897/11-15

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 18/05/2015
Answered On Date: 27/05/2015
Priority Written: No

Question:
To ask the Minister of Enterprise, Trade and Investment for an update on the Enterprise Zone in Coleraine.

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.

My Department’s role in establishing the pilot Enterprise Zone in Coleraine has been as a facilitator to ensure designation of the Enterprise Zone by Treasury once all negotiations have concluded between relevant stakeholders.

Those discussions have not yet concluded. However, my Department has held a number of meetings with the relevant parties in recent months to highlight the importance of resolving any outstanding issues quickly, and remains hopeful that formal designation can be requested from HM Treasury in the coming weeks.