Following the UK government’s ‘Fiscal Event’ on Friday 23rd September 2022, the Treasury has produced a list of 38 areas in England it is entering into discussions with to create “Investment Zones” in partnership with Upper Tier Local Authorities and Mayoral Combined Authorities. We understand that, although the UK government has identified 38 areas it wishes to discuss the establishment of Industrial Zones with, all Upper Tier Local Authorities in England will be given the opportunity to submit an Expression of Interest.
The government has stated that it will work in partnership with devolved governments and other stakeholders to agree how Investment Zones can be delivered in Scotland, Wales, and Northern Ireland.
Areas hosting Investment Zones are expected to benefit from:
o Lower taxes – businesses in designated sites will benefit from time-limited tax benefits.
o Accelerated development – there will be designated development sites to both release more land for housing and commercial development, and to support accelerated development. The need for planning applications will be minimised and where planning applications remain necessary, they will be radically streamlined. Development sites may be co-located with, or separate to, tax sites, depending on what makes most sense for the local economy, and
o Wider support for local growth – subject to demonstrating readiness, Mayoral Combined Authorities hosting Investment Zones will receive a single local growth settlement in the next Spending Review period.
The 38 areas in England are (South West region areas are in green):
o Blackpool Council
o Bedford Borough Council
o Central Bedfordshire Council
o Cheshire West and Chester Council
o Cornwall Council
o Cumbria County Council
o Derbyshire County Council
o Dorset Council
o East Riding of Yorkshire Council
o Essex County Council
o Greater London Authority
o Gloucestershire County Council
o Greater Manchester Combined Authority
o Hull City Council
o Kent County Council
o Lancashire County Council
o Leicestershire County Council
o Liverpool City Region
o North East Lincolnshire Council
o North Lincolnshire Council
o Norfolk County Council
o North of Tyne Combined Authority
o North Yorkshire County Council
o Nottinghamshire County Council
o Plymouth City Council
o Somerset County Council
o Southampton City Council
o Southend-on-Sea City Council
o Staffordshire County Council
o Stoke-on-Trent City Council
o Suffolk County Council
o Sunderland City Council
o South Yorkshire Combined Authority
o Tees Valley Combined Authority
o Warwickshire County Council
o West of England Combined Authority
o West Midlands Combined Authority, and
o West Yorkshire Combined Authority.
Further information about the government’s plans to develop Investment Zones across the UK can be found on the GOV.UK website, while this LINK takes you to an Investment Zones Factsheet which lists the 38 areas in England likely to be prioritised.
Image: Plymouth, Devon – one of the 38 areas the UK government has named as a potential area for an Investment Zone.