Costs and incentives

Excellent returns on investment

Energy Gateway North East England provides exceptional value to investors. Wages and property costs are comparatively low compared to other key energy clusters in the UK and internationally.  For example, Financial Times Benchmarking Studies demonstrate that:

Incentives

Enterprise Zones

Many of the sites suitable for offshore energy businesses in Energy Gateway benefit from Enterprise Zone status.  Each of these sites, which collectively cover 100 hectares, offers one of the following two benefits:

  • Business rate discount – businesses can claim up to 100% discount against business rates that are worth up to £275,000. This can be claimed over a five year period through occupying premises on an Enterprise Zone site. This is the equivalent of £55,000 per year but does not need to be taken as an even annual split.  To take advantage of this benefit, a business must be located on the site by the end of March 2021 for eligible Zone 2 sites
  • 100% enhanced capital allowances – this tax relief is issued to businesses making large investments in plant and machinery. Businesses wanting to take advantage of the enhanced capital allowance must be located on site and make the claim by the end of March 2020 for Zone 1 sites and by the end of March 2025 for Zone 2 sites

Many enterprise zones also benefit from Local Development Orders (LDOs).  These are put in place by the local authority to help fast-track development in these key sites.

Funding

North East Inward Investment Grant

For business looking to make a first investment in North East England (North East LEP area).  Grants are available for foreign or UK owned businesses making a first investment in the North East LEP area (subject to companies meeting eligibility requirements).  For more information contact Guy Currey

North of Tyne Combined Authority Inward Investment Grant 

The North of Tyne Combined Authority has a grant fund available for business looking to make a first investment in Newcastle, North Tyneside or Northumberland.  Grants are available between £100,000 up to a maximum of £1million for foreign or UK owned businesses making a first investment in the area (subject to companies meeting eligibility requirements).  Find out more about the North of Tyne Inward Investment Fund  

Businesses should contact the team at Invest North East England to discuss the latest availability of business grants for investments into Energy Gateway.

Please get in touch with the team to find out how we can support your business.

A proud and proven track record

North East England has a long and successful track record of attracting business to locate to the region and we offer a comprehensive package of free support, providing a single point of contact for companies looking to relocate to North East England.

We provide access to a commercial property and land database helping businesses to find suitable business premises

We have access to an extensive partnership network of Local Authorities, support agencies, sector specialists, universities, colleges, knowledge networks and business organisations throughout the region.

We can provide investors with a range of services including:
  • A ‘Soft Landing’ package of accommodation, professional services and access to business networks to support your relocation or expansion
  • Information and statistics on the local economy, demographics, infrastructure, labour market etc.
  • Access to finance
  • Assistance with property searches and local planning issues
  • HR support including:
    • Wage comparisons
    • Training
    • Recruitment
    • Local market information
    • Support for key employees and their families moving to the area
  • Supply chain introductions
  • Introductions to external support programmes
  • Personal Account Manager dedicated to your project and a full aftercare programme

Support

Invest North East England works closely with our public and private sector partners to ensure businesses have access to the very best guidance and advice.

We have a knowledgeable and dedicated team able to provide the latest information on the availability of national and regional financial support packages.

Our Local Authority partners also provide an extensive package of Strategic Account Management support to existing investors, ensuring businesses based in the region continue to prosper and grow.

Please get in touch with the team to find out how we can support your business.