It could create more than 8,000 new jobs and Enterprise Zone status will lead to major infrastructure improvements to attract new investment.
The technology park, next to the Silverstone Grand Prix Circuit and at the centre of the UK’s high-performance technology and motorsport cluster, has been managed by MEPC since 2013. More than 60 companies are based there already.
The zone is one of 26 announced in his Spending Review last week by Chancellor of the Exchequer George Osborne.
Silverstone formed part of the Aylesbury Vale Enterprise Zone bid by the Buckinghamshire Thames Valley Local Enterprise Partnership. The other sites in the Enterprise Zone are Westcott Venture Park and Arla/Woodlands in Aylesbury.
The Aylesbury Vale Enterprise Zone will facilitate the strengthening of infrastructure, attract and develop new business investment, speed up the growth and development of local enterprise and help to address the business-critical infrastructure needs of the sites.
Enterprise Zone status will also support the drive for inward investment projects from abroad.
BTVLEP chief executive Richard Harrington said: “The Enterprise Zone aligns directly with our Strategic Economic Plan, which identifies Silverstone, Westcott Venture Park and Arla/Woodlands as three key strategic employment locations all of which have greater, untapped potential to add value to the high performance technology/motorsport; space propulsion/environmental engineering; and agri-food/human health sectors.
“The scale and specialised nature of the development, the mix of uses and the highly strategic position will enable Aylesbury Vale Enterprise Zone to challenge internationally as a major new employment location over the coming years.”
Aylesbury Vale District Council cabinet member for economic development Cllr Steve Bowles, vice chairman of BTVLEP, said Enterprise Zone status is “a fantastic boost for the local economy”.
The area is renowned as one of the UK’s most entrepreneurial and knowledge-based rural economies but has historically suffered because of a lack of high quality transport infrastructure serving to constrain growth and undermine it as a business location.
Cllr Bowles said: “We already have world class businesses operating on the three sites and by securing the prestigious Enterprise Zone status we will be able to offer further support for our existing businesses and help attract new investment and high quality jobs to Buckinghamshire and Aylesbury Vale.”
Following the Spending Review, there are now 44 Enterprise Zones across the UK.
