Paul Marinko 17 November 2022

Autumn statement: Investment zones ‘refocus’ in Autumn Statement

Autumn statement: Investment zones ‘refocus’ in Autumn Statement image
Image: Alexandros Michailidis / Shutterstock.com

Chancellor of the Exchequer Jeremy Hunt has binned ‘existing expressions of interest’ from councils to set up investment zones as the Government moves to ‘refocus’ the programme.

In the official papers to accompany the Chancellor’s Autumn Statement the Treasury said the programme would now be used ‘to catalyse a limited number of the highest potential knowledge-intensive growth clusters, including through leveraging local research strengths’.

It said the Department for Levelling Up, Housing and Communities (DLUHC) would ‘work closely with mayors, devolved administrations, local authorities, businesses and other local partners to consider how best to identify and support these clusters’.

The first clusters are set to be announced ‘in the coming months’.

Investment zones, aimed at enticing businesses with tax cuts and relaxed planning rules, were introduced by Mr Hunt’s predecessor Kwasi Kwarteng in his now-infamous mini-budget just under two months ago. But councils have feared they could mean a reduction in environmental protection for the green belt.

Levelling up secretary Michael Gove said last month that he recognised ‘one of the concerns raised about investment zones was the impact on the environment’.

The Treasury is also understood to be concerned about the impact on tax revenues from lost business rates.

The Government reportedly views the existing programme as expensive but delivering few benefits, with one estimate suggesting they could create a tax liability of £12bn.

SIGN UP
For your free daily news bulletin
Highways jobs

Graduate Trainee Electric Vehicle Infrastructure

North Yorkshire Council
£25,183 - £30,559
Could you help us deliver Electric Vehicle infrastructure to support this new transformation mode of transport. Greenwich, London (Greater)
Recuriter: North Yorkshire Council

Contracts and Strategy Officer

Royal Borough of Greenwich
£41,442 - £44,331
Royal Greenwich is on the up! Having achieved a 3.8% increase in our recycling rate this year Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Senior Developer

Royal Borough of Greenwich
£52,584 - £69,068
Royal Greenwich is a vibrant borough, with a rich history and diverse community. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

SEND Operations Assistant - 2 year FTC

Essex County Council
£25081 - £26679 per annum + + 26 Days Leave & Local Gov Pension
SEND Operations AssistantFixed Term, Full Time£25,081 to £26,679 Per AnnumLocation
Recuriter: Essex County Council

Welfare Benefits & Money Advice Caseworker

Sandwell Metropolitan Borough Council
Band E SCP 18-25 (£30,559 - £35,235 per annum
We have an exciting opportunity for a skilled individual to join our Welfare Rights Team Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council
Linkedin Banner