Local Member of Parliament Antony Higginbotham has launched a bid in the House of Commons for Burnley, and the wider East Lancashire area, to become one of the Government’s new Investment Zones as part of an ambitious plan for the UK. The bid follows on from the Government’s Growth Plan, unveiled today, which is intended to kick start economic growth, investment, and job creation across the country.
Under this brand-new initiative, each Investment Zone will offer generous, targeted and time-limited tax cuts for businesses, backing them to increase productivity and create new jobs.
In the fiscal event on Friday, dubbed a ‘mini-budget’ the Burnley MP raised the prospect of an East Lancashire Investment Zone to encourage more investment in sectors including aerospace, cyber-security and nuclear, and to help to regenerate communities across the whole region.
Speaking in the House of Commons Antony said:
In East Lancashire we stand ready to lead this country in aerospace, in cyber, in small modular reactors - so can I urge the Chancellor to look sympathetically on a bid from East Lancashire. And will he meet with me, other East Lancashire colleagues, and the Leader of Lancashire County Council to talk about what an East Lancashire Investment Zone might look like.
Responding the Chancellor of the Exchequer Kwasi Kwarteng said:
Investment zone conversations are very much being led by the Secretary of State for Levelling Up, Housing and Communities, who I am sure will be engaging with the relevant councils. I would [also] be happy also to talk to my hon. Friend about the opportunities that investment zones represent.
Up to 6 new Investment Zones could be created in the North West which would see reforms to increase the speed of delivering new developments.
Commenting after the announcement, Antony Higginbotham MP said:
An Investment Zone here in Lancashire would be a game changer for local businesses. This is about unlocking growth through tax incentives in areas which need more investment. And is something which we all want to see come to Burnley and Padiham.
For too long our area has been left behind but that’s now changing. People across Westminster and Whitehall know of the incredible businesses we have and securing an Investment Zone would allow us to turbocharge our offering. That means more innovation and more of high skill, high wage jobs.
As soon as the Statement was over I went to meet with the Secretary of State for Levelling-Up who will be delivering the Zones to talk him through what it would mean for us. I’ll continue to work with colleagues and the County Council Leader to put forward a strong bid for this exciting opportunity.
