The Liverpool City Region is one of a number of areas that could benefit from nearly £1 billion of extra funding in tomorrow's budget announcement.
Chancellor Jeremy Hunt is expected to announce the creation of new tech hubs that will be formed around universities in England. Mr Hunt will announce 12 investment zones in eight different areas that will each be backed by £80m of government cash.
The Chancellor will say that the new hubs can "supercharge" growth in hi-tech industries when he takes to the dispatch box in the House of Commons tomorrow. It is hoped that the new high growth zones will accelerate research and development in the UK's "most budding industries."
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They will be focused on one of a series of key sectors – technology, creative industries, life sciences, advanced manufacturing and the “green” sector.
Eight combined authority areas in England have been shortlisted. This includes the Liverpool City Region, Greater Manchester, South Yorkshire, West Midlands, West Yorkshire, Tees Valley and the proposed combined authorities in East Midlands and the North East. The plan is for the government to agree specific plans with the combined authority mayors in each region by the end of the year.
While the details of how the hubs will work have not been confirmed, it is thought it will involve reduced business rates and National Insurance contributions for employers as well as looser planning rules to make it easier to build commercial buildings and residential properties inside the zones.
In a statement, Mr 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.”
Mr Hunt will make his budget announcement in the House of Commons tomorrow (Wednesday).
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