Political leaders in Greater Manchester are in talks with the Government over a so-called low-tax 'Investment Zone', a concept set to be unveiled later today (Friday) as part of an emergency mini-budget.
Chancellor Kwasi Kwarteng is set to promise a 'new era for Britain' with a package of more than 30 measures to tackle high energy bills, drive down inflation and cut taxes to drive growth. Under the new initiative, the Government says each Investment Zone will offer time-limited tax cuts for businesses and encourage investment in new shopping centres, restaurants, apartments and offices.
But initial fears around possible 'destabilising effects' a zone could bring on other areas, together with concerns over 'poaching' of businesses and jobs from the city region by another area awarded a zone, have been voiced by town hall leaders and flagged with the Government. It's understood they also have worries affordable housing could be overlooked.
