South West business leaders have described the region being unrepresented on a list of new ‘investment zones’ announced in the Budget as “disappointing” and “a blow”.
Chancellor Jeremy Hunt has delivered the Government’s latest plans for the economy. Among the major announcements was the news that the UK would not enter a technical recession this year, according to the Office for Budget Responsibility (OBR) forecast. The OBR said inflation would fall to 2.9% by the end of this year, down from 10.7% last year
During his speech, the Chancellor listed 12 locations across the UK which the government had identified as new “potential Canary Wharfs”. These areas will receive £80m each over five years, including “generous tax incentives”. The funding can be used to improve skills, provide specialist business support, improve the planning system or for local infrastructure.
