An investment zone that aims to drive business investment and create thousands of jobs will be set up in the North East with £80m of backing from the Government.
The region will be one of eight areas to host 12 investment zones set to be announced by Chancellor Jeremy Hunt in Wednesday’s Budget. A zone will also be established in the Tees Valley.
Former Prime Minister Liz Truss had initially hoped to set up around 100 zones with relaxed planning rules and lower tax regimes, but the Government has scaled back the plans.
