Urban enterprise zone
Urban enterprise zones are intended to encourage development in deprived neighborhoods through tax and regulatory relief to entrepreneurs and investors who launch businesses in the area.The philosophy is most closely associated with the theory of supply side economics and the assumption that employers will respond positively to tax incentives and reduced government regulation.The industrial regions of New England, the northern Midwest and Mid-Atlantic were facing economic restructuring, overseas competition and profit loss.A 50% reduction in the general Sales tax rate (from 6.625% to 3.3125% as of January 1, 2018) and hiring incentives, are designed to reinvigorate the business climate within the Zone.Taking local transfers into account (a notable example being the Merry Hill Shopping Centre in the West Midlands, which largely consisted of shops which had relocated from the nearby town of Dudley), only 13,000 net jobs had been created; a possible reason why the government began to prefer urban development corporations as their main vehicle for urban renewal.[12] However, a notable success has been the London Docklands, largely derelict and with unsatisfactory transport infrastructure thirty years ago when a zone was first established, now a financial and media powerhouse.Despite this, after London lost its port status because of technology and rising prices, the created revival vision London Docklands was in fact creation of second nearby special zone; mainly populated with financial companies, that hundreds of years ago would have chosen the City, but now instead chosen Docklands, while the City is slowly converting to tourist heritage park (one of examples is the Stock Exchange Building, where the London Stock Exchange moved away, and it was converted to the tourist-luxury shopping centre), and for example car owners and parking spaces are limited, with extra payment just for "entry", during the working week which is not endorsed by private-public owning of Docklands, which also approves new buildings containing itself lot of working places and vehicle parking spaces.A study published in 1989 by Barry M. Rubin and Margaret G. Wilder examined the 2.1 mi.2 area using the technique of shift-share analysis to determine whether the zone was having a measurable impact on local economic development.