Thousands of new jobs could be created after Silverstone Business Park was given Enterprise Zone status.
Chancellor George Osborne announced plans to create 26 new enterprise zones across the UK as part of Wednesday’s spending review.
Enterprise Zones are areas which encourage firms to set up and expand in, mainly due to relaxed planning regulations and financial incentives.
And one of the new zones is Silverstone Business Park, which straddles the Buckinghamshire and Northamptonshire border.
Richard Harrington, chief executive of Buckinghamshire Thames Valley Local Enterprise Partnership, said he was ‘delighted’ with the news.
He described Silverstone Business Park as having ‘untapped potential to add value to its high performance technology/motorsport sector’.
He said the ‘scale and specialised nature’ of the development will enable the region to ‘challenge internationally as a major new employment location’.
Development Manager Jim Sims said: “Silverstone is the heart of motorsport anyway and this makes the marketing of the area even easier.
“As it gives the area the ability to stand out from the crowd.
“It firms up our story and place, and it makes it a lot easier to have conversations with businesses.”
Enterprise Zone companies can get tax discounts and they pay their business rates to district councils, who then invest it in the region – instead of the money going to central Government.
The zones are expected to attract more money to spend on infrastructure across the region.
Silverstone Business Park, run by business estate developer MEPC, is scheduled to open in phases over the next decade.
It is predicted that by 2024, there will be 200 firms creating 8,000 new jobs.