More high-paying jobs and business opportunities could be created across Essex as the Chancellor of the Exchequer today approved the possible creation of pilot Investment Zones in the county.
In his autumn ‘mini-budget’ statement to the House of Commons today, Chancellor Kwasi Kwarteng announced new pilot Investment Zones could be created, allowing some county areas to benefit from low-tax burdens, reduced planning restrictions and less regulation tailored on a zone-by-zone basis.
Essex is one of the counties in which Investment Zones could be created.
Essex County Council will now enter into discussion with the Government and prepare an expression of interest to be submitted later in the year.
Cllr Kevin Bentley, Leader of Essex County Council, said: “This announcement is an opportunity to grow the Essex economy with more high-paying jobs providing more residents the opportunities they deserve. We warmly welcome further discussion.”
Cllr Lesley Wagland OBE, Essex County Council Cabinet Member for Economic Renewal, Infrastructure and Planning, said: “Essex has two international airports, ports of global importance, a cutting-edge technology sector and two world-class universities. The county is uniquely positioned to drive investments and growth for the benefit of all our residents.
“Our Everyone’s Essex strategy established our plan for levelling-up the county and we have identified, with very good quality evidence, the sectors that will deliver economic growth in Essex. Today’s announcement will allow us to explore ways to close gaps in economic outcomes across the county.”
More detail on pilot Investment Zones can be found on the Government website here.
Following the Chancellor’s announcement today, Essex County Council will explore the shape of new Investment Zones in the county, working in partnership with public organisations, City, Borough and District councils and county businesses.