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Coleraine to get Northern Ireland's first enterprise zone Coleraine to get Northern Ireland's first enterprise zone
(about 1 hour later)
Chancellor George Osborne has announced the creation of Northern Ireland's first enterprise zone in Coleraine, County Londonderry.Chancellor George Osborne has announced the creation of Northern Ireland's first enterprise zone in Coleraine, County Londonderry.
The zone will be built at a site close to the University of Ulster.The zone will be built at a site close to the University of Ulster.
IT company 5Nines have previously announced a £20m data centre for the site.IT company 5Nines have previously announced a £20m data centre for the site.
Enterprise zones already exist elsewhere in the UK and offer hi-tech businesses tax incentives and simplified planning procedures.Enterprise zones already exist elsewhere in the UK and offer hi-tech businesses tax incentives and simplified planning procedures.
Commitment
The mayor of Coleraine, David Harding, said: "The chancellor's announcement of an enterprise zone in Coleraine is very welcome good news for the local economy.The mayor of Coleraine, David Harding, said: "The chancellor's announcement of an enterprise zone in Coleraine is very welcome good news for the local economy.
Commitment
"I look forward to finding out further details about the enterprise zone and I am confident it will also enhance the plans which we have for Project Kelvin at the University of Ulster.""I look forward to finding out further details about the enterprise zone and I am confident it will also enhance the plans which we have for Project Kelvin at the University of Ulster."
Northern Ireland Secretary of State Theresa Villiers said: "The announcement of a new pilot enterprise zone at Coleraine is particularly welcome.Northern Ireland Secretary of State Theresa Villiers said: "The announcement of a new pilot enterprise zone at Coleraine is particularly welcome.
"This meets another commitment made in the economic pact and with increased capital allowances available until 2020 this will help make longer term investment easier.""This meets another commitment made in the economic pact and with increased capital allowances available until 2020 this will help make longer term investment easier."
Investments
Northern Ireland Finance Minister Simon Hamilton said: "Through a pilot enterprise zone, we can help to achieve the Northern Ireland Executive's number one priority to grow the economy."Northern Ireland Finance Minister Simon Hamilton said: "Through a pilot enterprise zone, we can help to achieve the Northern Ireland Executive's number one priority to grow the economy."
Extended
Enterprise Minister Arlene Foster added: "Such investments can be crucial in the development of the ICT sector as a whole and will, without doubt, enhance the proposition Northern Ireland can offer to inward investors who are increasingly globally connected."Enterprise Minister Arlene Foster added: "Such investments can be crucial in the development of the ICT sector as a whole and will, without doubt, enhance the proposition Northern Ireland can offer to inward investors who are increasingly globally connected."
Glyn Roberts, chief executive of NIIRTA (Northern Ireland Independent Retail Trade Association), welcomed the announcement, but called for the zone to be extended.Glyn Roberts, chief executive of NIIRTA (Northern Ireland Independent Retail Trade Association), welcomed the announcement, but called for the zone to be extended.
"We would like to see this proposed pilot enterprise zone to include the north-west as whole, including Derry/Londonderry and Strabane, to build upon the legacy of the City of Culture.""We would like to see this proposed pilot enterprise zone to include the north-west as whole, including Derry/Londonderry and Strabane, to build upon the legacy of the City of Culture."
IT strengths
There are currently 24 enterprise zones in England and seven in Wales.There are currently 24 enterprise zones in England and seven in Wales.
The enterprise zone will be built where the Project Kelvin transatlantic fibre, which connects the US and UK, comes ashore.The enterprise zone will be built where the Project Kelvin transatlantic fibre, which connects the US and UK, comes ashore.
In October 2013, 5Nines announced plans for a £20m data centre on the site that will create 15 jobs.In October 2013, 5Nines announced plans for a £20m data centre on the site that will create 15 jobs.
The Northern Ireland Executive had previously identified the need for such a centre as playing a crucial role in capitalising on Northern Ireland's strengths in IT.The Northern Ireland Executive had previously identified the need for such a centre as playing a crucial role in capitalising on Northern Ireland's strengths in IT.
Budget welcomed
In Wednesday's budget, George Osborne also announced an increase in the payable income tax threshold to £10,500, scrapping a proposed fuel duty rise in September and a cut in beer duty by 1p per pint.
Ms Villiers said Wednesday's announcements were "further evidence of the government's commitment to support the people and businesses of Northern Ireland".
She said: "There are measures to incentivise banks to lend to small and medium size business, support for investment, and the opportunity for Northern Ireland's airports to bid for aid for new routes."
Mr Roberts added: "Our members will welcome that the proposed fuel duty rise is to be scrapped and that 89,000 people being lifted out of paying income tax will hopefully mean more spending with local retailers."
Daithí McKay, Sinn Fein's economic spokesperson, said: "The main message coming out of this budget is that the Tory chancellor is determined to continue on the failed path of austerity regardless of the devastation it will inflict on the most vulnerable in society.
"While welcome, the proposed enterprise zone for Coleraine will be cold comfort to the 300 public sector workers who have lost their jobs in that town's DVA office."
David Fry, the Confederation of British Industry's senior policy adviser in Northern Ireland, said: "The budget will put wind in the sails of business investment, especially for manufacturers.
"This was a make or break budget coming at a critical time in the recovery, and the chancellor has focused his firepower on areas that have the potential to lock in growth."
Criticism
Chief executive of Pubs of Ulster, Colin Neill, welcomed the cut in beer duty.
He said: "We also welcome the freeze on the duty on scotch whiskey, spirits and ordinary cider.
"The government today has demonstrated a willingness to support businesses and help pubs remain afloat by keeping duty down and we welcome that."
However, Alliance MP Naomi Long criticised the chancellor for not cutting fuel duty.
She said: "It is well known Northern Ireland has among the highest fuel prices in Europe, with estimates that we're paying around 1.5p above the national average.
"It is of vital importance that we see a cut in fuel duty in the immediate future, before the economic competitiveness of Northern Ireland is severely damaged."