East End to form heart of capital's new enterprise zone

12 April 2012

Boris Johnson has picked a site that includes some of the poorest parts of the East End as home for the capital's enterprise zone.

The S-shaped regeneration area will take in most of the Royal Docks, boosting growth.

George Osborne announced today that London would get one of 21 newly created enterprise zones, reviving one of Margaret Thatcher's most popular policies.

The zone could offer firms a five-year exemption from business rates up to £275,000, easier planning rules and a super-fast broadband infrastructure.

The Mayor described the Chancellor's announcement as the "icing on the cake" for the regeneration of some of London's poorest areas.

He said: "Investors are already beating a path to the door of golden opportunities arising in this emerging district.

"Now with the financial and regulatory breaks granted to this area there will be even greater incentives for new businesses to set up shop and create a thriving new centre of enterprise."

The zones were pioneered in the Eighties in run-down areas such as London's Docklands, where firms were attracted by tax breaks to create jobs and prosperity in what is now Canary Wharf.

City Hall aides ruled out holding a competition between boroughs to host the zone as that would have delayed the process.

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