Conservative and Labour mayors have cautiously welcomed Chancellor Kwasi Kwarteng’s plan for Investment Zones.
The Government says they will drive growth and unlock housing across the UK by lowering taxes and freeing up planning to encourage development and business investment.
Local authorities key to plan
The scheme is planned to involve agreeing with 38 local authorities to develop Investment Zones to drive local growth in Scotland, Wales and Northern Ireland.
Ben Houchen, Conservative Tees Valley mayor, said the zones would send a message about investment and help existing areas become more competitive locally, nationally and internationally.
Tracy Brabin, Labour mayor of West Yorkshire, also cautiously welcomed the plans, saying she was keen to work with the government and understand what is on the table.
According to the Government, these zones will bring tax incentives, simplify planning restrictions and drive growth.
How will they work?
In England, the Government will deliver Investment Zones in partnership with Upper Tier Local Authorities and Mayoral Combined Authorities.
They will be delivered in partnership with devolved administrations and local partners in Scotland, Wales and Northern Ireland.
What are the benefits?
The Government says it will set out further detail on Investment Zones in due course.
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