The Prime Minister has today confirmed that the Chancellor
will announce a new investment zone in the East Midlands and five
new freeports as part of the government's package of measures to
fix the foundations and rebuild the country.
Reiterating that ‘economic growth is his number one mission' the
schemes will ‘have this government's stamp on them'
with expected changes to the model such
as aligning with the national Industrial
Strategy and involving scrutiny and oversight
from councils and mayors.
Investment Zones use public investment to attract private
investment to a region, focused on sectors that are vital to the
national Industrial Strategy.
Investment Zones in England have the potential to create 89,000
additional jobs by 2033, crowding in a total of £11bn of private
investment.
The Deputy Prime Minister announced two at conference, and the
Budget will confirm another, in the East Midlands, with a focus
on high tech green industry.
The commitment to freeports and investment zones will
be also complemented by growth plans for every
area, drawn up by mayors, local authority leaders, and in
partnership with local businesses.
Prime Minister said:
“Economic growth is the number one mission of this
government, measured in living standards going
up, and people feeling better off, in well
paid jobs across every part of the United Kingdom.
“Targeted programmes that attract investment and generate jobs
and growth for local people, underpinned by our industrial
strategy, and the economic stability my government brings,
will turbocharge the potential of areas across the
country.
“I have always said I will look at whatever will deliver for
working people, with no ideological lens. So
yes, freeports were a scheme we inherited, but when combined
with Labour's this government's laser focus on growth
generated from the ground up, we will maximise their
potential.
“My government is rewiring how and where growth is
generated to secure investment and create good jobs for
working people.”
Freeports have attracted £6.4 billion of investment, creating an
estimated 7,000 jobs. Investment Zones in England have estimated
that they will create around 90,000 additional jobs by 2033,
crowding in a total of around £10bn of private investment.
The commitment follows the government's International Investment
Summit which secured £63 billion of investment into the UK
economy across several high growth industries.
