Today saw the new Chancellor of the Exchequer, Kwasi Kwarteng, deliver his Growth Plan to parliament, with aims to unlock potential in the British economy, as well as tackling energy costs and inflation.
During the speech to the House of Commons, the Chancellor outlined how the government is in discussion with 38 local and mayoral combined authorities in England, surrounding the plans for new ‘investment zones.’ These zones are intended to offer ‘generous, targeted and time limited’ tax cuts for businesses inside the zone.
In his speech, the Chancellor said:
“Economic growth isn’t some academic term with no connection to the real world. It means more jobs, higher pay and more money to fund public services, like schools and the NHS.
“This will not happen overnight but the tax cuts and reforms I’ve announced today – the biggest package in generations – sends a clear signal that growth is our priority.
“Cuts to stamp duty will get the housing market moving and support first-time buyers to put down roots. New Investment Zones will bring business investment and release land for new homes in communities across the country. And we’re accelerating new road, rail and energy projects by removing restrictions that have slowed down progress for too long.
“We want business to invest in the UK, we want the brightest and the best to work here and we want better living standards for everyone.”
Liberalised planning rules are also set to release extra land, to enable further housing and commercial development. As a key part of the plan, these areas are due to become ‘hubs’ for growth that will encourage investment in the communities.
The 38 local authorities that are currently in conversation with the government about the Investment Zones are:
- 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
- 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
