My article for the Oxford Times inbusiness magazine...
The perfect mix of enterprise and innovation has put Oxfordshire on the map, says Matthew Barber, leader of Vale of White Horse District Council.
The Science Vale area of Oxfordshire is gaining an international reputation for innovation and research and now it is set for even further growth. In this month’s pre-election budget George Osbourne announced an extension to the Science Vale’s Enterprise Zone, serving to boost business and increase infrastructure investment. Back in 2012 the Government announced the creation of the Enterprise Zone spread across Milton Park and Harwell Campus in order to create new jobs and help high quality business grow in the Science Vale area. The status of Enterprise Zone provides lower taxes, less regulation and top quality facilities. Since then some great businesses have landed at Harwell and Milton Park and the news that an additional 17 acres of land at Milton Park is to be included in the Enterprise Zone provides a great opportunity for additional growth. Within the Enterprise Zone, businesses can claim business rates discounts of up to £275,000 over a five year period, whether they are new to the Park or existing businesses looking to expand. The new extension to the Enterprise Zone that has been announced is spread across six small sites within Milton Park and will enable up to 370,000 sq ft (35,000 sq m) of new, high quality commercial office and research space to be developed. Key priorities for the Vale of White Horse over recent years have been to support our local economy and to reap the benefits of that growth to support our local infrastructure. All of the business rates within the Enterprise Zone are retained locally and invested through Oxfordshire’s Local Enterprise Partnership in project to benefit the residents and business by improving roads and infrastructure. We are fortunate to live in a prosperous part of the country, but our economic strength hasn’t come about by accident. It has been built up over generations thanks to the hard work of private businesses and building on the strength of our world beating research community. The perfect mix of enterprise and innovation have put us on the map with a history of ground-breaking developments emanating from Science Vale. Just as is it no coincidence that we have ended up with one of the jewels in Britain’s high-tech crown, we will not maintain this position without significant investment in our infrastructure and support for new jobs and new business. Milton Park alone has seen job numbers increase by more than 1,000 in the 15 months and with further growth coming forward over the next few months, the Park is rapidly enhancing its reputation as a knowledge economy hotspot. Science Vale is making a major contribution to the Oxfordshire knowledge economy. This extension will assist in supporting the development of further entrepreneurial and innovative businesses within the Enterprise Zone. The decision not only demonstrates the Government's long term commitment to developing our local economy, but is also set to generate millions of pounds of much needed infrastructure funding to help us improve local facilities. An additional £2 million is estimated to be generate from new developments in the Enterprise Zone each year up to 2038. We all know that Oxfordshire faces many challenges, particularly in establishing an effective and robust transport network. Congestion and collisions on the A34 are a daily occurance and our rural road network needs significant improvement. For the first time in years however, there is significant investment in projects that will make a big difference. At Milton Interchange work has already begun on junction improvements, soon to be followed by Chilton interchange. In Abingdon the Government has backed the long running campaign for a full diamond interchange at Lodge Hill. Elsewhere work is ongoing on Featherbed Lane at East Hendred and plans are in place for a Wantage Eastern Link Road. These major developments will not only support our successful local economy, but also improve the lives of local people. The existing Enterprise Zone is providing much of the funding for such major projects and the extension announced by the Chancellor is good news for local business and local communities who will both see the benefits of improving the area in which we live.
