Boosting the economic potential of North Yorkshire through a raft of special measures to bring forward infrastructure schemes have been cited by Thirsk and Malton MP Kevin Hollinrake in his assessment of today’s mini-budget.
Chancellor Kwasi Kwarteng today announced the creation of Investment Zones, aimed at developing businesses locally.
The Chancellor told parliament this morning he was in discussion with 38 Local and mayoral combined authority areas in England, including the Tees Valley, the West Midlands and Hull.
Under the brand-new initiative, each Investment Zone promises generous, targeted and time-limited tax cuts for businesses, backing them to increase productivity and create new jobs.
The government hopes such measures could encourage investment in new shopping centres, restaurants, apartments and offices – creating thriving new communities.
These areas will also benefit from further liberalised planning rules to release more land for housing and commercial development, and reforms to increase the speed of delivering development.
However, support from local leaders are needed for areas to gain such status.
The Chancellor also said he would set out new legislation to accelerate the delivery of around 100 major infrastructure projects across the country.
A Growth Plan would set out the infrastructure projects that the government will prioritise for acceleration, across transport, energy, and digital infrastructure.
Mr Hollinrake told the Press: “I welcome the focus on financial support for households and businesses to cope with higher energy costs and economic growth by means of simpler, lower taxes, regulatory reform and investment zones.
“I am pleased that North Yorkshire is one of the 38 areas in discussions with government to establish an Investment Zone and hope that York will also take up the opportunity.”
The MP, who has campaigned on issues such as dualling the A64 in Ryedale, added: “Due to the succession of economic shocks, it will be some time before we are able to balance the books on day-to-day spending.
“However, any spending cuts required must not impact on the infrastructure investment promised for the North, such as the dualling on the A64 and York Northern Ring Road and Northern Powerhouse Rail.”