AQW 45897/11-15 Written question to the Minister of Enterprise, Trade and Investment
To ask the Minister of Enterprise, Trade and Investment for an update on the Enterprise Zone in Coleraine.
Asked by Claire Sugden MLA on 18 May 2015
- Answered
- Written
- Tabled
- 18 May 2015
- Answer due by
- 3 June 2015
- Answered
- 27 May 20159 days after tabling
- Department
- Department for the Economy
- Priority question
- No
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.