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17 August 2011, 06:04 | Updated: 17 August 2011, 09:22
Great Yarmouth and Lowestoft has beaten off competition from all over the country to be named as a Government Enterprise Zone.
The area had to bid for the status, which will make it easier and cheaper to set up and do business in the area.
29 places across the country put bids in the be named as an enterprise zone, and only 11 have been given the status.
It aims to create up to 2,000 jobs and attract 80 businesses by 2015 and 13,500 jobs and 200 businesses over the 25 year lifetime of the zone.
It will mean simplified planning rules and a business rate discounts for new and expanding businesses.
Andy Wood, chairman of the New Anglia Local Enterprise Partnership, and chief executive of Adnams, said: "I'm delighted that the Government has recognised the quality of our bid and has given our Enterprise Zone the green light.
'We are confident that the Enterprise Zone will help create significant numbers of new jobs in Great Yarmouth and Lowestoft and more in the rest of Norfolk and Suffolk.'
Brandon Lewis, MP for Great Yarmouth, said: "This is a real triumph for Great Yarmouth and Waveney. An enterprise zone will attract investment and put the East Coast on the economic map. That our bid was successful is a testament to a Government that is interested in and understands and cares about our unique concerns rather than only thinking about the big urban cities.'
Peter Aldous, MP for Waveney said: 'I am delighted. The Enterprise Zone is great news for Lowestoft, Waveney and Great Yarmouth. Evidence from the private sector shows that the granting of Enterprise Zone status will make a clear difference. It will be a tipping point for investment."
Prime Minister Cameron said: ``We are determined to do everything we can to make Britain the best place in the world to start and grow a business.
``Enterprise zones are a major step towards delivering this, cutting business taxes, easing planning restrictions and giving business the tools they need to invest and expand.
``These new enterprise zones will be trailblazers for growth, jobs and prosperity throughout the country.''
Chancellor George Osborne said the zones would create more than 30,000 new jobs by 2015.
``They will benefit from over #150 million in tax breaks over four years, new superfast broadband, lower levels of planning control and the potential to use enhanced capital allowances,'' he added.