THOUSANDS of new jobs and homes will be built in new low-tax investment zones – see if you live in one of the 38 areas.
Kwasi Kwarteng revealed the bumper package as part of the new homes boost in his Mini Budget today.
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Ultra low tax and low regulation areas of the country are part of Liz Truss’ plans to create “investment zones” to turbocharge the economy.
And businesses which move to these areas will have their levies slashed and be freed from red tape.
In his speech to the House of Commons today, Mr Kwarteng outlined he would “cut taxes” while liberalising planning rules in certain agreed sites.
The government hopes cutting taxes for businesses will help create more new jobs.
More investment could mean more shopping centres, restaurants, and more could be built in local communities too.
The move is also expected to boost housebuilding, as planning laws which restrict new homes being built will be ripped up as well.
The Government is in talks with 38 authorities to set up the zones in these catchment areas:
- 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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More areas are expected to be added to the list.
Announcing the bumper measures, Mr Kwarteng said: “Today, I can announce the creation of new investment zones.
“We will liberalise planning rules in specified agreed sites, releasing land and accelerating development.
“And we will cut taxes. For businesses in designated tax sites, for ten years, there will be: Accelerated tax reliefs for structures and buildings. And 100% tax relief on qualifying investments in plant and machinery.”
He added the measures would come as an “unprecedented set of tax incentives” for business to “invest, to build, and to create jobs right across the country”.
The Chancellor added: “We’ll work with the devolved administrations and local partners to make sure Scotland, Wales and Northern Ireland will also benefit, if they are willing.
“If we really want to level up, Mr Speaker – we have to unleash the power of the private sector.”
Mr Kwarteng gave his Mini Budget statement this morning where he revealed new measures to tackle high energy bills, drive down inflation and cut taxes.
Kwasi Kwarteng slashed national insurance, income tax and stamp duty.
The chancellor altogether abolished the top 45p rate of income tax and scrapped the planned hike in corporation tax.
And Benefit claimants will also face tougher penalties for failing to look for work as ministers aim to plug record job vacancies.
Laying out his “new era for Britain”, he said: “The Prime Minister promised that this would be a tax-cutting government.
“Today, we have cut stamp duty. We have allowed businesses to keep more of their own money to invest, to innovate, and to grow.
“We have cut income tax and national insurance for millions of workers.
“And we are securing our place in a fiercely competitive global economy, with lower rates of corporation tax and lower rates of personal tax.”
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