Investment zones ‘key to bringing in billions’, say Tory mayors

Economy
By Liam

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Leading Tory mayors say UK investment zones rollout could attract billions of investment and create thousands of jobs

By Luke Barr and Francesca Washtell, Financial Mail On Sunday

Published: 21:50 BST, September 24, 2022 | Updated: 22:32 BST, September 24, 2022

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'Decisive Intervention': Andy Street

‘Decisive Intervention’: Andy Street

Leading Tory mayors said the rollout of investment zones in the UK could attract billions of investments and create thousands of jobs.

Chancellor Kwasi Kwarteng on Friday unveiled plans that will bring massive tax cuts to businesses and ease scheduling restrictions.

Former John Lewis boss and Tory West Midlands mayor Andy Street said the new plan is a “decisive intervention that is absolutely right to level up”. He said the zones will boost investment in his Red Wall region.

“They put this on steroids. I think it will bring more investment into the region faster,” he said.

Ben Houchen, conservative mayor of Tees Valley, was also enthusiastic. The development of a free port has already attracted £3.5bn of committed investment to the region.

But Houchen said this “wouldn’t even hit the sides” of the “staggering amounts” of funding that will flow in a decade with the addition of the investment zones.

He said: “The investment zones used to unlock growth are like supercharged freeports. The simplification and tax cuts are hugely appealing to local businesses as well as around the world.

“It takes the best of the free port plan and extends it beyond the major brownfield industrial estates.”

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