The area has been celebrating this week with the announcement that the Somer Valley is to be designated as an official Enterprise Zone by the Government.
In a major boost to the local economy, the Government has confirmed that the Somer Valley will become part of the new West of England Enterprise Zone, alongside land around Bristol Temple Meads and the Bath Riverside area.
By promoting the development of new employment sites, such as the land at Old Mills, Paulton and providing additional incentives for new businesses to establish themselves in the area, it is hoped that the new Somer Valley Enterprise Zone will entice new companies into the area and create more jobs for local residents in the years ahead.
Some of the incentives for businesses to come to an Enterprise Zone include Business Rate discounts of up to 100% over a five-year period, simplified planning processes and support to ensure that superfast broadband is rolled out throughout the area.
Further discussions will now take place between the Council, Government and Local Enterprise Partnership to finalise the details of the deal, including the exact development sites to be included within the Enterprise Zone.
Cllr Patrick Anketell-Jones, (Cons., Lansdown), B&NES Council’s Cabinet Member for Economic Development, said: “This is very good news. We don’t have all the details yet, but we know that this will provide a real boost to the economy of the Somer Valley, including opportunities for businesses to relocate and grow, bringing investment and jobs.
“The Somer Valley Enterprise Zone will make the most of opportunities for linking the area’s economy to this flourishing hi-tech business environment in Bath and Bristol. The success of the bid is down to the excellent joint working and the partnerships fostered through the West of England Local Enterprise Partnership.”
Welcoming the news, Councillor Barry Macrae (Cons., Midsomer Norton North), said: “The designation of the Somer Valley as an official Enterprise Zone is great news for our town and a real vote of confidence in both Midsomer Norton and the wider Somer Valley.
“On behalf of my fellow Councillors and myself, I’d like to thank the B&NES officers and our Council Leader, Tim Warren, for working so hard in putting together this bid to Government and for fighting our area’s corner to get this deal secured. To see the Somer Valley placed alongside Bristol and Bath as an Enterprise Zone demonstrates that, when our case is made, we can secure our area’s fair share of investment from the West of England.
“By linking in with our wider economic strategy for the Somer Valley, we can also use this opportunity to grow skills and create more opportunities for our area’s young people.”
Radstock’s Conservative Councillor, Deirdre Horstmann, added: “At the moment, there are many people who live in Radstock and the Somer Valley who commute long distances to work each day, but would prefer to work in the local area if the right jobs were available. It’s therefore vital that in the years ahead, we do what we can to help create the new homes and jobs that will allow people to both live and work in the Somer Valley.
“Alongside the investment already going into Radstock, the creation of this new Enterprise Zone will be a big step forward in encouraging new businesses to establish themselves and grow in the Somer Valley, creating the jobs needed to ensure a thriving future for our communities.”
The bid was for around fifteen employment sites in the area with the capacity to deliver around 7,000 jobs in the Somer Valley, potentially securing £38 million in business rates. In Bath, the plan will be to encourage more of the advanced engineering already seen through Bath University and stop businesses moving to Bristol or away completely, having lost large companies in the area. On Monday evening of this week at the Somer Valley Budget meeting, Cllr Karen Walker (Independent, Peasedown), asked for sites in addition to Old Mills to be considered, such as Peasedown St John, and in response, told that there was no reason why this could not be the case.
Speaking this week, Paul Myers, Mayor of Midsomer Norton said: “This news is welcome at a time when the Town Council has been pressing for Midsomer Norton’s regeneration to be at the top of the local agenda. The potential reduction in business rates and the support for superfast broadband should make the area more attractive to businesses. But we need to make sure that our infrastructure is able to support those new businesses and that we make the most of the opportunity to regenerate the town centre with the investment that may result.”
“Although this is great news, it remains to be seen how this will actually affect the potential development sites around the Somer Valley, such as Old Mills and the former Welton Bag site,” added Tina Veater, Chair of the Somer Valley Chamber of Commerce.