The Government will now bring the plans forward to parliament with a view to begin work from 1 April 2016.
Chancellor George Osbourne initially unveiled the plans to create the Greater Manchester Life Sciences Enterprise Zone in his Spending Review in November 2015.
The proposals will include sites within the Corridor Manchester area and the Clusterlabs area owned by the Central Manchester University Hospital Foundation Trust.
In a report, Manchester City Council chief executive Sir Howard Bernstein outlined the plans: “The designation of the Greater Manchester Life Science Enterprise Zone within Corridor Manchester will help spur the development of a key priority sector for economic growth within the city, and will promote the continuing development of a leading innovation cluster within the North West’s life science sector.”
“Along with the expansion of the Greater Manchester Airport City Enterprise Zone, the combined effect of two areas of the city with enterprise zone designation and the incentives provided will see new businesses attracted to the zones, making it easier for businesses to locate there and generate jobs and wealth for the city.”
“The zones will also act as a catalyst for new businesses, enabling the city council, the Greater Manchester Combined Authority and the Greater Manchester Local Enterprise Partnership the scope to reinvest business rate growth into the cones beyond to attract additional investment.”
Currently, the Greater Manchester Airport City Enterprise Zone spans 12.5 million square foot of land around Manchester Airport. This will grow to become 18.4 million square foot after work is complete.