Chancellor Jeremy Hunt has confirmed plans for investment zones in Scotland and across the UK - and is also announcing a funding boost for science and innovation in Glasgow.
The Treasury confirmed tonight that as part of Wednesday’s Budget speech, 12 investment zones would be set up to “drive business investment and level up”, each backed with £80m.
Eight locations in England have been named, while the UK Government is working with the devolved administrations to establish four more investment zones in Scotland, Wales and Northern Ireland.
Meanwhile the Chancellor has announced £100m to be shared across Glasgow, Greater Manchester and the West Midlands “supporting them to become globally competitive centres for research and innovation”.
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Those investment zones will focus on growth in five key sectors: life sciences, creative industries, digital technology, advanced manufacturing, and green industries.
The investment zones will offer what the Chancellor is calling “generous tax incentives” and will be clustered around universities and research institutions.
The funding can be used for tax reliefs or to improve skills, provide specialist business support, improve the planning system, or for local infrastructure.
The Chancellor also confirmed that £100m would be shared across 26 “transformative R&D projects” in innovation clusters in Glasgow, Greater Manchester and the West Midlands
The Treasury said the projects “will attract private investment to develop the technologies of tomorrow, creating new jobs, and boosting regional economic growth”.
They include a net zero project led by the University of Strathclyde to accelerate the adoption of automated ultrasonic inspection during welding and additive manufacturing.
Jeremy Hunt said: “True levelling up must be about local wealth creation and local decision-making to unblock obstacles to regeneration.
“From unleashing opportunity through new Investment Zones, to a new approach to accelerating R&D in city regions, we are delivering on our key priority to supercharge growth across the country”.
Levelling Up Secretary Michael Gove said: “Levelling up means backing local growth across the UK, driving innovation to attract investment and putting power into the hands of local communities so they can reach their full potential. Our new investment zones and Levelling Up Partnerships will deliver more jobs, better services and more opportunities for local people.”
Science, Innovation and Technology Secretary Michelle Donelan said: “This government has made clear its aim for the United Kingdom to be transformed into a scientific and technologic superpower, not only pushing our country forward, but the whole world.
“Cutting-edge innovation starts at a local level. That’s why these plans to invest £100m into 26 groundbreaking projects in Glasgow, Greater Manchester and the West Midlands are so important, supporting them to become the future centres of research and innovation in the United Kingdom.”
As our sister site BusinessLive reports, the enterprise zones in England include ones in Manchester, Liverpool, the East Midlands, South and West Yorkshire, the North East, Tees Valley and the West Midlands.
