Science Vale, Oxford is receiving up to £7 million to build a 40,000 sqft of highly specialised laboratory and bioscience innovation hub that will create 370 new jobs.

The funding is part of a £415 million cash injection to back business, boost high streets, create jobs and help local economies thrive was announced by Communities Secretary Eric Pickles today, as part of the Government’s long term economic plan. The announcement comprises:

• £300 million to give 300,000 small retail firms £1000 off their next tax bill;
• £100 million to support critical business infrastructure in Enterprise Zones;
• £15 million to establish new University Enterprise Zones in the eight main UK cities, including Oxford.

Communities Secretary Eric Pickles said: “As part of our long term economic plan, we are backing business and enterprise right across the country, helping town centres and local industries to prosper, and building a stronger economy.

“This money for infrastructure will transform acres of Enterprise Zone land and build a stronger, more competitive business environment that will create up to 3000 jobs for hardworking people across the country.

“While, our fully funded £1000 retail discount will make a huge difference to 300,000 of the essential small shops and local traders we find in our town centres across the country.”

Twelve Enterprise Zone bids have been shortlisted to complete critical ‘nuts and bolts’ infrastructure that will turn dormant sites into prime economic land, attracting new businesses and jobs to Harlow, Humber, Leeds, Sheffield, Discovery Park in Kent, Oxford, Daresbury, Alconbury, London’s Royal Docks, the Black Country, Nottingham and the Solent.

Oxford’s Science Vale Enterprise Zone will receive a contribution of up to £7m to build 4,000 square metres of highly specialised laboratory and bioscience innovation hub that will create 370 new jobs at Milton Park.

Culture Minister Ed Vaizey, visiting Science Vale, said: “Enterprise zones are at the centre of our long-term economic plans to build a stronger, more competitive business environment and a better future for Britain.

“This funding will give these areas the infrastructure they need to attract more investment, support the growth of local businesses and create up to 3000 jobs for hardworking people across the country.”

James Dipple, Managing Director of Milton Park, said: “This announcement is great news for Oxfordshire, as it will further strengthen the county's highly successful life sciences cluster. The Government's contribution will help us provide exactly the type of environment which small and growing life science businesses desperately need, located in the heart of Milton Park's well established hub of 50 life science companies.

“Public-private partnerships such as this, with business investing alongside Government, create opportunities for local employment, national success and healthcare advances which will be used around the world.”

Science Vale is the biggest specialist community of scientists and technologists in the UK. Existing businesses already on the Zone include world class science and technology companies like Amgen, Evotec, Infineum, Oxford Instruments, Vertex and Oxitec. Some 366 jobs have been created since April 2012. The Zone’s ambition is to create 16,000 more over 15 years.

The funding for road building, refurbishment, utility supply and land clearance will mean that 3.5 million square metres of land is brought back into use and 12square metres of new commercial floorspace will be created by 2015. In addition 10km of new road and two new bridges will be constructed, reducing congestion for residents and increasing the access to new Enterprise Zone sites for business.

Enterprise Zones have already attracted 250 businesses, secured £1.1 billion of private sector investment and created over 7000 local jobs. In addition from today universities in Birmingham, Bristol, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield can bid for part of a £15 million fund to establish University Enterprise Zones. This will strengthen the role of higher education in supporting local growth and innovation. The funding will also lead to the development of new business spaces within universities. These spaces will host a range of start up, high-tech companies, that can benefit best from universities’ expert knowledge.