FinanceHow Southampton investment zone plan is affected by government...

How Southampton investment zone plan is affected by government U-turn

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PLANS for a Southampton “funding zone” with low taxes and looser planning guidelines have been despatched again to the drafting board lower than two months after being introduced.

Chancellor Jeremy Hunt stated the federal government would “re-focus” the funding zones initiative launched by Liz Truss’s administration – and all present proposals can be scrapped.

Southampton Metropolis Council was one in every of 38 which had expressed curiosity within the concept, which was contained within the mini-budget introduced by former chancellor Kwasi Kwarteng in September.

The response to Mr Kwarteng’s package deal of tax cuts and better borrowing led to Ms Truss’s authorities collapsing and to U-turns on many of the insurance policies within the assertion.

Mr Hunt’s autumn assertion stated it could “refocus” the programme “to catalyse a restricted variety of the best potential knowledge-intensive development clusters, together with by leveraging native analysis strengths”.

“The present expressions of curiosity will due to this fact not be taken ahead. The federal government is grateful to native authorities for his or her work to develop proposals,” it stated.

Cllr Sarah Bogle, Southampton Metropolis Council’s cupboard member for financial growth, stated: “We, like many others, have been anticipating this newest change of coverage by the federal government on funding zones and await the pending bulletins by the Treasury to approve the Solent Freeport and the bulletins by authorities on our levelling up bids.

“The refocusing of the funding zones into high-performance clusters will, we consider, convey additional alternatives for Southampton.

“Our precedence is to additional strengthen the economic system of Southampton and the broader Solent area. To this goal we are going to proceed to work with our companions to safe funding, supporting companies in these troublesome financial occasions and generate sustainable development.“

Southampton Metropolis Council stated in September that it had been approached in regards to the funding zones concept and was eager to learn the way it may gain advantage.

Council chief Cllr Satvir Kaur stated on the time: “We’ve been requested together with a number of others to place in an expression of curiosity, however there isn’t a assure of something, or what it is going to imply.”



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