Enterprise Zone Set to Boost Jobs in West England

Enterprise ZonesThe latest announcement from Chancellor George Osborne brings enthusiasm to the Birmingham area, which will be the next area to receive funding for business growth, through the Enterprise Program.

A fund of £128 million is being released, and is set to benefit businesses around the Birmingham city centre. An area in drastic need of new employment opportunities. In particular, the Digbeth and Jewellery Quarter, as it’s a thriving business area for the Birmingham City Centre.

The buildings are currently underused and others in need of major redevelopment and rejuvenation, in order to bring them up to the standards of modern day business. That’s what the fund is set to assist with. Maintaining the heritage of the buildings, while encouraging new business growth for the city centre.

The Enterprise Zone Assists Businesses Improve Communications

Part of the budget is set to identify and improve on the communications of local businesses, by assisting them with government grants, which will allow them to install super fast broadband services.

A major part of doing business in today’s age relies on computer technology to provide customer support, and enable growth within the local areas, nationwide and towards an international trading level. In order to compete in the tough competitive business world, companies are in need of the best technical support being available.

Part of the grants being made available is there to assist businesses meet those requirements.

More Funding Means Increased Employment Opportunities

With Birmingham City Centre having an increased budget for improvements, the vast majority of that is going to go towards labour costs. There will be an increase in IT vacancies as telecommunications and computer systems are upgraded to an improved and superfast broadband service.

Transport links to the city centre will also receive additional funding to improve on that area too. As those phases roll out, there’s also going to be the redevelopment of the area, which will bring jobs into the construction sector.

As you’ll probably know, within construction, there’s a vast array of opportunities. Land needs to be surveyed, CAD drawings need to be planned in accordance with buildings regulations, then there’s the buying and selling of land, acquisitions, private leasing opportunities and many more.

Moving onto the larger scale of things, as more businesses capitalize on the expansion opportunities, tax breaks for new business start-ups etc. it’s expected that there will be opportunities in many areas across the private sector. Key areas for employment growth, within the private sector include:

  • Financial Services
  • Digital Media
  • IT and Communications
  • Creative Industries

The main aspect of the Enterprise Zone is to improve on local areas, which are currently in drastic need of redevelopment, and it’s a measure to boost the employment and bring jobs to the areas in most need of it.

Birmingham is only one of the cities in the West of England, identified as an area with far too high an unemployment figure. With the funding being made available, with tax breaks to business rates in the areas identified, such as Birmingham and Bristol, it’s highly expected to put many locals back into employment.

With an estimation of 40’000 new jobs expected around Birmingham and the surrounding district, it’s certainly exciting times for the local residents, as they’ll see more job vacancies arise, with a real potential for future growth.