The UK Government has announced plans for a new Investment Zones programme intended to attract investment, encourage innovation and support economic growth across the country.
Announced as part of the Spring Budget on 15 March 2023, the programme aims to build on existing industrial and research strengths by bringing together local authorities, universities, research institutions and businesses.
Investment Zones will focus on sectors considered important to the UK's future economy, including advanced manufacturing, digital technologies, life sciences, creative industries and green industries. Participating areas will be able to develop proposals reflecting their own economic priorities, supported by tax incentives and targeted investment.
Eight areas in England were initially identified to develop proposals with the government. These were East Midlands, Greater Manchester, Liverpool City Region, North East England, South Yorkshire, Tees Valley, West Midlands and West Yorkshire. Arrangements for Investment Zones in Scotland and Wales were to be developed separately.
The programme establishes a national approach while allowing individual regions to identify their own investment opportunities, priorities and delivery arrangements. It also provides a basis for understanding how Investment Zones develop over time, both individually and as part of a wider UK initiative.