Parts of England classified as ‘investment zones’

Large parts of England could be strengthened against the economic crisis with new ‘low-tax zones’.

Chancellor Quasi Quarteng revealed more details about the plans in a speech this morning.

Liz TrussThe government will strive to create low-tax, low-regulatory investment zones across England.

Talks will be held with dozens of local authorities to set up the special areas.

Potential investment areas include Blackpool, Cornwall, Hull, Leicestershire and Stoke-on-Trent.

The Chancellor told the House of Commons that work is underway to ensure that the same support can go to the decentralized countries.

He said: ‘The time it takes to get approval for nationally important projects is slowing, not faster, as our international competitors make progress. We must put an end to this.

“To support growth across the country, we need to move forward, with targeted action in local areas.

“We will liberalize planning rules in specified agreed locations, release land and accelerate development.”

“And we will cut taxes, with businesses in designated locations benefiting from generous tax credits.”

Mr Kwarteng has also pledged to ‘turn the vicious circle of stagnation into a virtuous cycle of growth’ while addressing the economic impact of the cost of living crisis.

It comes after the Bank of England warned that the country was already in recession, as interest rates hiked from 1.75 to 2.25.

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