THE benefits of the Government’s flagship growth plans will come just as the region sees its last round of business help dry up, The Journal can reveal.

A new Enterprise Zone planned for the North East was announced in George Osborne’s Budget last week.

But at the end of this month the last of the financial incentives offered to firms in the UK’s biggest enterprise zone, North Tyneside’s Cobalt business park, expire.

A 10-year package of reduced business rates and lower taxes for new buildings finally come to an end in April, meaning firms will face higher tax bills.

North Tyneside’s elected mayor Linda Arkley is pushing for the next enterprise zone to be located throughout Wallsend as part of the North Bank of the Tyne regeneration project aimed at growing the number of firms working in the offshore sector.

The final decision will be made by the Government, based on a recommendation by the local enterprise partnership made up of seven councils from Durham to Northumberland.

Council leaders met on Friday to thrash out the first proposals on where the zone should be located.

Iain Malcolm, leader of South Tyneside council, said a variety of sites would be considered before the final recommendations are made. He added: “Obviously we will want to look at the banks of the river and at land around Nissan, but there are a lot of other sites available.