Title

FINANCE

Autumn statement: Investment zones 'refocus'

Chancellor of the Exchequer Jeremy Hunt has binned ‘existing expressions of interest’ from councils to set up investment zones as the Government moves to ‘refocus’ the programme.

Chancellor of the Exchequer Jeremy Hunt has binned ‘existing expressions of interest' from councils to set up investment zones as the Government moves to ‘refocus' the programme.

In the official papers to accompany the Chancellor's Autumn Statement the Treasury said the programme would now be used ‘to catalyse a limited number of the highest potential knowledge-intensive growth clusters, including through leveraging local research strengths'.

It said the Department for Levelling Up, Housing and Communities (DLUHC) would ‘work closely with mayors, devolved administrations, local authorities, businesses and other local partners to consider how best to identify and support these clusters'.

The first clusters are set to be announced ‘in the coming months'.

Investment zones, aimed at enticing businesses with tax cuts and relaxed planning rules, were introduced by Mr Hunt's predecessor Kwasi Kwarteng in his now-infamous mini-budget just under two months ago. But councils have feared they could mean a reduction in environmental protection for the green belt.

Levelling up secretary Michael Gove said last month that he recognised ‘one of the concerns raised about investment zones was the impact on the environment'.

The Treasury is also understood to be concerned about the impact on tax revenues from lost business rates.

The Government reportedly views the existing programme as expensive but delivering few benefits, with one estimate suggesting they could create a tax liability of £12bn.

FINANCE

A'no-brainer' approach to utilising empty properties

By Steve Grimshaw | 23 July 2025

The No Use Empty Kent scheme has led the way for 20 years in bringing houses, shops and business spaces back to life, and news of its success has reached th...

FINANCE

Find finance fix

By Neil Merrick | 23 July 2025

MPs call for authorities to be given immediate powers to revalue properties ahead of full review of local government funding that could include scrapping cou...

FINANCE

London's fundamental problem

By Dr Simon Kaye | 21 July 2025

The 25th anniversary of the Greater London Authority should prompt serious reflection, says Dr Simon Kaye. He says the capital still lacks the powers it need...

FINANCE

Districts sound fair funding alarm

By Martin Ford | 21 July 2025

The District Councils’ Network (DCN) has joined inner London boroughs in sounding the alarm over transitional fair funding arrangements.

Paul Marinko

Popular articles by Paul Marinko