Posted: 15:28 on September 20, 2022
Norfolk has been earmarked as the site for one of 12 ‘low tax investment zones’ being set up across the country as part of the Government’s flagship policy to boost economic growth.
Under the strategy – which was a centerpiece of South West Norfolk MP Liz Truss’s campaign to become prime minister – taxes will be cut and regulation eased in selected locations across England.
Planning laws will also be relaxed in selected areas to encourage more housing to be built on land next to the favored industries.
Prime Minister Liz Truss has made politics a key part of her leadership campaign. Its chancellor Kwasi Kwarteng (right) is expected to outline details of the scheme on Friday. – Credit: PA Wire
Ministers hope that the measures will stimulate investment in certain areas and accelerate economic growth.
If Norfolk is selected as a zone, it is likely to cover only one area, not the entire county.
Whitehall officials are understood to be looking at an area covering part of Breckland – parts of which are in Ms Truss’ own constituency – and south Norfolk, along the so-called “A11 corridor”.
Chris Starkey, chief executive of the New Anglia Local Enterprise Partnership, welcomed the initiative but suggested other locations would be more suitable.
“Over the last few years we have had a number of enterprise zones in Norfolk and Suffolk which have proved very successful in attracting new business, stimulating investment and creating jobs, so the principle of investment zones sounds attractive.
Chris Starkey, Chief Executive of the New Anglia Local Enterprise Partnership – Credit: Angela Sharpe Photography
“Obviously we need to work out the details and we would certainly like to make sure that Norfolk is well placed to benefit from initiatives like this.
“What we would not like to see is investment areas in other parts of the country and Norfolk losing out.
“I think it would be wise to look at areas of higher deprivation – Great Yarmouth, Thetford, King’s Lynn – where there is potential for growth as well.
“But we also need to make sure that it doesn’t put rural areas of the county at a disadvantage.”
John Fuller, Conservative leader of South Norfolk Council, also welcomed the idea.
John Fuller, Conservative Leader of South Norfolk Council – Photo: Denis Bradley
He said: “Extending the globally significant corridor from Oxford to Cambridge up to Norwich, with its leadership in life sciences, environment and engineering, could get a boost if Norfolk gets one of these zones.
“Our country is at a turning point and we will all have to come up with new ways of doing things to continue to earn our place in the world. If Norfolk is part of the plan then that is something we should welcome.
Further details on the zones are expected to be given by Chancellor Kwasi Kwarteng in an emergency budget on Friday.
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