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Budget announcement benefits Milton Park

Published on: 25/03/2014

Last week’s Budget saw business rate discounts available in Oxfordshire Science Vale Enterprise Zone extended by a further three years.

Head of Leasing and Development at Milton Park, Philip Campbell commented "This is really great news for growing businesses wanting new accommodation. Osbourne's statement effectively means that the Enterprise Zone rate discounts now have the potential to last until 2023. It was just last week that we announced that our first twelve unit Enterprise Zone development was fully let. All of our customers within that development already benefit from the business rate discounts. Following yesterday's announcement there will be many more businesses able to enjoy savings in our future developments here at Milton Park".

This means that businesses moving to the Science Vale Enterprise Zone will benefit from business rate discounts for five years, with the offer extending until March 2018. The support is part of the Government’s long-term plan to rebalance the economy, and will help Science Vale Enterprise Zone achieve its potential as a key driver of growth for the local economy.

Local Growth Minister Kris Hopkins said: “With over 350 businesses already established in the area, the Oxfordshire Science Vale Enterprise Zone is already working well to attract new job opportunities for local people.

“Today’s announcement from the Chancellor will help them even further, giving new businesses the opportunity to benefit from business rate discounts as they settle into their new premises, with this substantial offer now available for a further three years.”

The Science Vale Enterprise Zone is already established as the largest community of specialist scientists in the UK. This cluster continues to expand at Milton Park, spread across biotechnology, medical devices, contract and clinical research services and associated industries. The growth of Milton Park has been and will continue to be strengthened by the proximity of many academic institutions and internationally renowned centres of excellence based in the Science Vale and Oxfordshire.

The business rate discounts of up to £275,000 per organisation are available on all existing and future accommodation across Milton Park’s Enterprise Zone sites including MEPC’s latest Grade A speculative office development at 101 and 102 Park Drive and the forthcoming Milton Science centre (MSc).

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