Ravenscraig

Part of the debate – in the House of Commons at 7:36 pm on 23rd January 1992.

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Photo of Mr Ian Lang Mr Ian Lang , Galloway and Upper Nithsdale 7:36 pm, 23rd January 1992

While the Inverclyde enterprise zone has not yet made a substantial breakthrough because of the difficult circumstances in which it operates, it substantially enhances the opportunity to bring employment to Inverclyde. The hon. Gentleman was keen enough for it to be established. The Government were glad to he able to secure that for him and I should have thought that it was in our interests for both of us to work together to make it a success.

The resources and investment by Government in an enterprise zone take the form of income forgone, in terms of capital allowances, exemption from rates and other benefits. The estimated costs to the Exchequer from the enterprise zone in Lanarkshire are about £50.5 million, which is expected to trigger about £250 million of private sector investment and to create a substantial number of jobs.