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Among the most anticipated announcements in Chancellor Kwasi Kwarteng ’s tax-cutting mini-budget today is news that large parts of England could be designated ‘investment zones’ as part of his plan to fight the economic crisis.
Thirty eight county councils and larger unitary authorities are earmarked for discussion with the government in setting up these dedicated areas, including a number in the South West. Mr Kwarteng said:
“To support growth right across the country, we need to go further, with targeted action in local areas. So, today, I can announce the creation of new investment zones. We will liberalise planning rules in specified agreed sites, releasing land and accelerating development. We will cut taxes. For businesses in designated tax sites, for 10 years, there will be accelerated tax reliefs for structures and buildings and 100% tax relief on qualifying investments in plant and machinery.”
His announcement follows comments from new Prime Minister Liz Truss during her party leadership campaign that investment zones would be central to her plan to boost growth. More detail on how areas can bid to take part in the initiative will follow from the Department for Levelling Up.
| Areas earmarked as ‘investment zones’
Blackpool Council, Bedford Borough Council, Central Bedfordshire Council, Cheshire West and Chester Council, Cornwall Council, Cumbria County Council, Derbyshire County Council, Dorset Council, East Riding of Yorkshire Council, Essex County Council, Greater London Authority, Gloucestershire County Council, Greater Manchester Combined Authority, Hull City Council, Kent County Council, Lancashire County Council, Leicestershire County Council, Liverpool City Region, North East Lincolnshire Council, North Lincolnshire Council, Norfolk County Council, North of Tyne Combined Authority, North Yorkshire County Council, Nottinghamshire County Council, Plymouth City Council, Somerset County Council, Southampton City Council, Southend-on-Sea City Council, Staffordshire County Council, Stoke-on-Trent City Council, Suffolk County Council, Sunderland City Council, South Yorkshire Combined Authority, Tees Valley Combined Authority, Warwickshire County Council, West of England Combined Authority, West Midlands Combined Authority, West Yorkshire Combined Authority |