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06 Oct 2022

Kwarteng to announce plans for low-tax investment zones

Kwarteng to announce plans for low-tax investment zones

Kwasi Kwarteng is set to announce the creation of low-tax, low-regulation investment zones in his mini-budget on Friday.

The Government is in talks with dozens of local authorities in England to set up zones.

The Chancellor is expected to tell the House of Commons: “The time it takes to get consent for nationally significant projects is getting slower, not quicker, while our international competitors forge ahead. We have to end this.

“To support growth right across the country, we need to go further, with targeted action in local areas.

“We will liberalise planning rules in specified agreed sites, releasing land and accelerating development.

“And we will cut taxes, with businesses in designated sites enjoying the benefit of generous tax reliefs”.

During the Tory leadership campaign, Prime Minister Liz Truss said investment zones would be central to her plan to boost growth.

More details on how areas can bid to take part will be set out by the Department for Levelling Up.

The Government is also considering converting the post-Brexit freeports introduced by Boris Johnson into investment zones, where further deregulation is expected.

The 38 areas in discussion to become an investment zone 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
– 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

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