The East Midlands could get three low tax “Investment Zones” in a bid to drive growth as the new Government desperately tries to outmanoeuvre the looming recession, rising inflation and businesses desperately trying to keep their heads above water.
Chancellor Kwasi Kwarteng has said the new low-tax zones would see planning rules relaxed and business taxes cut to encourage investment. They were part of a raft of tax cuts announced in the mini-budget – which will cost the Exchequer billions of pounds – and are above and beyond plans already under way for a freeport around the East midlands Airport, Ratcliffe on Soar power station and the East Midlands Intermodal Park in Derbyshire.
The Investment Zones would see businesses benefit from time-limited tax benefits, more land for housing and commercial development and extra financial support for Mayoral combined authorities hosting the zones.
