development area

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development area

see REGIONAL POLICY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

development area

an area of the country formerly designated under UK REGIONAL POLICY (for example, the Northeast and South Wales) as qualifying for financial and other assistance in order to promote industrial regeneration. Development Areas reconfigured (in 2002) as ‘Tier 1 ASSISTED AREAS' under a joint UK/EUROPEAN UNION regional policy programme. Development/Tier 1 areas are characterized by UNEMPLOYMENT rates that are significantly higher, and levels of INCOME PER HEAD that are significantly lower, than the national average. To remedy this situation, the usual practice is to encourage the establishment of new firms, the expansion of existing firms and the establishment of new industries by offering a variety of investment incentives: investment grants and allowances, tax write-offs, rent- and rate-free (or reduced) factories, etc.

In the UK, firms investing in the assisted areas are offered REGIONAL SELECTIVE ASSISTANCE, which is given on a discretionary basis to cover capital and training costs for projects that meet specified job-creation criteria.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The Association of Local Government of Nigeria (ALGON), Oyo State Chapter, had filed a motion seeking to enforce the May 6 judgment on the grounds that the new administration in the state had dissolved council chairmen in contradiction of the judgment and the governor is planning to appoint caretaker chairmen for the local governments and local council development areas.
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