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Boost to the local economy announced by Government

3:41 pm, Friday, 23rd September 2022 - 2 months ago

General

North East Lincolnshire has been invited by Government to be part of early discussions on the creation of a new “investment zone”, designed to drive business growth, create jobs and increase wages.

The council is one of 38 areas listed by the Government following the Chancellor of the Exchequer’s budget statement delivered in the Commons this morning.

According to Government, these new investments zones will apply to specific land areas and will have more liberal planning rules to release land and accelerate development. 

The proposals could see a cut in taxes for businesses on these sites for the first ten years, with the Chancellor announcing a variety of benefits such as:

  • accelerated tax reliefs for structures and buildings
  • 100 per cent relief on qualifying investments in plant and machinery used on the sites
  • no stamp duty on purchases of land and buildings for commercial or new residential developments
  • no business rates on newly occupied business premises
  • for every new employee the business will pay no national insurance on the first £50,000 they earn.

Cllr Philip Jackson, leader of North East Lincolnshire Council, said: “Along with our other bids in to the Levelling Up Fund, the potential benefits for North East Lincolnshire are huge, and would make our industrial sites even more attractive to investors.

“Thanks to the support from Government, we have already invested a huge amount in our business community, and have lots of businesses interested in what we have here. To have the tax benefits on a potential range of sites in North East Lincolnshire as well would be highly desirable for any investing business.

“We are looking forward to having productive discussions with Government in the coming weeks and months to try to secure that Investment Zone status and boost business growth and wages for local people.”

Read more about the Government’s proposals for Investment Zones: The Growth Plan 2022: Investment Zones factsheet – GOV.UK (www.gov.uk)

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