United Kingdom

United Kingdom

Offshore boost in UK's budget

UK: The UK government's latest budget announcement today included a boost to the country's offshore sector.

Chancellor of the exchequer George Osbourne presents the 2015 budget
Chancellor of the exchequer George Osbourne presents the 2015 budget

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Chancellor George Osborne announced an expansion the Humber Enterprise Zone in northeast England on the back of Siemens' investment there. The zone also includes the Able Marine Energy Park (AMEP). 

The budget said: "The Humber Enterprise Zone will be extended, enabling it to capitalise on investment by Siemens, with their wind turbine supply chain facilities to be based on site."

Siemens' and ABP invested £310 million (€405 million) in the Green Port Hull facility and construction is underway on a factory which will provide blades for the manufacturer's recently upgraded 7MW offshore turbine. The port will also have turbine assembly facilities.

A larger zone should attract more companies to the area. Businesses in the zone are offered an enhanced first year allowance. According to the zone's website, the size of investment in a company that relocates to the area could be up to £50 million. There are also property tax breaks available and a "fast-tracked" planning process.

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