According to the Autumn Statement delivered earlier today by Chancellor Jeremy Hunt, a new Investment Zone has been confirmed for Greater Manchester alongside one in the East Midlands and West Midlands, as part of Hunt’s 110 measures outlined to grow the economy and level up the country.
A new Investment Zone has been confirmed for Greater Manchester today (22nd Nov) in Chancellor Jeremy Hunt’s Autumn Statement as part of the UK Government’s 110 measures that were outlined as part of the statement with the aim to level up the country and grow the economy – highlighting that these proposed measures would also unlock investment, reduce debt, and reward work across the country.
The three new Investment Zones that were announced all reside in England and have been named the West Midlands, East Midlands, and Greater Manchester. Across the three Investment Zones, it is expected to create not only £3bn worth of private investment into the economy, but also support the creation of a staggering 65,000 new jobs.
After previously announcing their plans for 12 Investment Zones across the country in the Spring Budget, the Government also confirmed a new Investment Zone would be created in West Yorkshire earlier this week, following on from the additions of South Yorkshire and the Liverpool City Region prior.
With a heavy focus on advanced manufacturing and materials, the Greater Manchester Investment Zone is expected to help leverage a further £1.1bn in private investment and create an additional 32,000 jobs in the local region over the next decade.
For the names Investment Zones and Freeports across the UK, financial incentives that are currently in place for these locations have now been extended from just five to ten years after Hunt also announced plans for a £150m Investment Opportunity Fund as part of the ongoing programme.
In addition to the new Investment Zone for Greater Manchester and the other highlights made throughout the Autumn Statement, Hunt announced what he described as the “biggest business tax cut in modern British history” which is projected to boost business investment across the UK by £14bn over the next five years and help to continue to grow the economy.