Nottingham, Liverpool, Manchester and London have become the first four areas to name the location of their Enterprise Zones.
The exact locations of the first four new zones will be the Boots campus in Nottingham, Liverpool Waters, Manchester Airport and London’s Royal Docks.
The news comes as ministers unveiled a scheme to identify where the remaining 10 zones will be created.
It follows Chancellor George Osborne’s Budget speech yesterday in which he confirmed the government would create 21 new Enterprise Zones within areas with Local Enterprise Partnerships.
The zones will benefit from business rate discounts, retention of rate growth for 25 years, simplified planning and superfast broadband.
The Budget also confirmed that the first Enterprise Zones would be based within eleven LEPs lead by Birmingham and Solihull, Sheffield, Leeds, Liverpool, London, Manchester, the Bristol area, the Black Country, Derby and Nottingham, Teesside and the North East.
The government confirmed the first zones were targeted in cities that have “missed out in the last 10 years”.
Other areas will have the chance to identify further Enterprise Zones via a competition to select a further 10, due to be concluded by July.
Communities secretary Eric Pickles said: “Growth is this government’s number one priority and a new generation of Enterprise Zones are central to our strategy. Local enterprise partnerships can use these zones as a springboard for private sector growth and wider regeneration. It’s great news that the locations for Enterprise Zones can be announced in London, Liverpool, Manchester and Nottingham today.
“Enterprise Zones are unashamedly pro-growth, with lower taxes and reduced regulations to attract business, but they are also unashamedly localist keeping power and profits within the local area so communities benefit.”
Business secretary Vince Cable added: “Enterprise Zones will create the environment for businesses to thrive and stimulate growth in the places that have the most potential.
“The 21 areas we are creating across England will give businesses simpler planning rules, access to super-fast broadband and more generous treatment in respect to business rates and capital allowances.
“On top of that, the benefits of growth within Enterprise Zones will be kept within their communities, helping to drive the creation of more new jobs and successful enterprises.
“We will work closely with local enterprise partnerships to identify new ways we can support them on developing the Zones, especially on issues like enhanced capital allowances and securing inward investment.”