Investment zones confirmed in Spring Budget
Wed 15 Mar 2023
The Chancellor of the Exchequer Jeremy Hunt confirmed the UK's 12 investment zones in today's Spring Budget.
The pledge to create investment zones is aimed at driving business growth across the country, each supported by government funding.
The idea of multiple zones was the brainchild of former Prime Minister and South West Norfolk MP Liz Truss and in East Anglia, both Norfolk and Suffolk were encouraged to create one.
The Chancellor outlined the full details in his delivery of the Budget, describing the zones as the potential to create multiple 'Canary Wharfs.'
The Chancellor said the zones would be in the West Midlands, Greater Manchester, the north-east, South Yorkshire, West Yorkshire, East Midlands, Teesside, and Liverpool.
While this list includes areas in which we operate, the East Midlands and Yorkshire, there was disappointment that East Anglia was left out.
Paul Clarke, Head of Planning, based in our Norwich office, said: "Whilst the idea of concentrating growth into particular areas, to take advantage of assets we already have, is beneficial, we need to exploit those sectors where growth can be seen to be occurring already.
"In particular, the bio-technology industries need to be encouraged to expand and assist a resurgence in the economy and provide a wider range of jobs.
"Historically, this part of the country (Norfolk and Suffolk) has lacked significant investment from the Government and a designated investment zone does encourage private investment into the area."
You can contact Paul Clarke in Norwich on 01603 629871.
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