A new enterprise zone in the Somer Valley area including Radstock and Midsomer Norton is to be created to help attract new businesses and potentially create thousands of jobs.
The plan was announced by Chancellor George Osborne in his Autumn Statement last week and follows lobbying by Bath & North East Somerset Council (B&NES) and the West of England Local Enterprise Partnership (LEP).
Full details are yet to be announced by the Department for Communities and Local Government but the council and the LEP believe around 7,000 jobs could be attracted into the area by giving it enterprise zone status.
All business rates growth generated by an enterprise zone is kept by the LEP and council to reinvest in economic growth. They expect around £38m to be generated in this way from the new enterprise zone over 25 years.
This money would be reinvested in superfast broadband, infrastructure such as roads to open up hard-to-reach industrial sites and other initiatives such as skills development.
The Somer Valley has been hit hard by the decline of its traditional manufacturing industries over recent decades but council and LEP bosses fear it is not benefitting from the emergence of burgeoning technology and creative sectors in Bath and Bristol because of a lack of viable business sites, slow broadband and other issues such as transport and skills.
The LEP is now waiting for more details from the on how it can proceed with its plans.
B&NES Council cabinet member for economic development Patrick Anketell-Jones said: “This is very good news. We don’t have all the details yet but we know that this will provide a real boost to the economy of the Somer Valley, including opportunities for business to relocate and grow, bringing investment and jobs.
“The Somer Valley Enterprise Zone will make the most of the opportunities for linking the area’s economy to this flourishing hi-tech business environment in Bath and Bristol.
“This is likely to include investment in superfast broadband to unlock the full economic potential of the area. The success of the bid is down to the excellent joint working and the partnerships fostered through the LEP.”
LEP chair Colin Skellett added: “This will build on our success of attracting new businesses and jobs to the area and demonstrates the strength of the West of England joint working.
“This will be a terrific boost to the future economy of the Somer Valley with opportunities for business to relocate and grow, providing investment and jobs for the long term.”
