A report by the Director of Finance provided the Cabinet with a summary of the main issues in respect of Chancellor of the Exchequer 2011 Budget, presented on 23 March, together with the key implications for local authorities.

Members took the opportunity to welcome the announcement that the Liverpool Wirral Waters development had been designated as one of eleven enterprise zones around the country.  The special status meant tax breaks and planning rules would be cut back to attract new businesses and create jobs.  This designation as an Enterprise Zone would allow both Councils to offer tax incentives in the first years of occupancy which would give businesses locating on the site a great head start.

RESOLVED:  That

(1)  the Cabinet notes the implications contained in the Chancellor’s Budget, in particular, the subsequent announcement to create a Local Enterprise Zone at Wirral Waters; and

(2)  the Cabinet welcomes the opportunity for Wirral to attract additional, private sector investment to help rebalance the local economy and provide jobs and training for local people and believes this has the potential to act as a catalyst to start the economic transformation of the Borough and will help to accelerate positive opportunities to attract new business into the Wirral.