Peter Aldous, MP for Waveney, has welcomed the publication of the draft Map that includes Lowestoft as an area of the UK eligible to receive regional aid.

 

The Government has today published the draft Map proposing areas of the UK eligible to receive regional aid.

 

Parts of Lowestoft and Great Yarmouth have been included in the map that will cover the next European Union funding period from 2014 to 2020.

 

Assisted Area Status permits the granting of additional financial support to small businesses and large enterprises in economically disadvantaged locations. This support is to encourage businesses in these communities to grow, innovate and thrive.

 

Lowestoft is an established industrial centre and the Assisted Area designation can be the catalyst for unlocking economic growth and job creating opportunities. As a port, Lowestoft is well placed to take advantage of the business opportunities in the oil and gas and offshore wind sectors. Inclusion in the Map will build on the existing incentives of the Enterprise Zones, Local Development Orders (outside of the Enterprise Zones) and Lowestoft’s designation, along with Great Yarmouth, as a Centre of Offshore Renewable Engineering (CORE). Up to now 4 out of the 6 CORE designated areas have Assisted Area Status but now that they all do, they are better placed to realise their full potential and the United Kingdom Trade and Investment (UKTI) will be able to promote them as a single entity globally.

 

Commenting on the draft designation, Peter Aldous said:

 

“It is great news that the Government has recognised the strong case put forward by the New Anglia Local Enterprise Partnership promoting parts of Lowestoft and Great Yarmouth for inclusion in the Map. Assisted Area Status can play a pivotal role in attracting infrastructure investment to Lowestoft, it complements the existing Enterprise Zone and CORE allocations and it has the potential to be enormously beneficial to businesses looking to invest in premises or machinery. At present the proposed Map is a draft and is now subject to consultation. It is important that we now make strong representations to ensure that the allocation is confirmed.”

 

The draft Map is now subject to consultation. This follows a previous consultation in the Summer, which revealed broad support for the Government’s proposals. The earlier consultation specifically asked Local Enterprise Partnerships (LEPs) and Local Authority (LAs) for local intelligence to inform the development of the draft Map. LEPs, LAs and others now have the opportunity to suggest specific changes to the proposed Map.

 

A final Assisted Areas Map will be submitted to the European Commission for approval in March 2014. The consultation runs until Friday 7 February 2014 and can be found at https://www.gov.uk/government/consultations/assisted-areas-map-2014-to-2020-stage-2