Greater Manchester is to be named as one of the country’s £80m investment zones by the Chancellor Jeremy Hunt in this afternoon’s budget.
He is set to create 12 “investment zones” in England to spur the regional economy outside London, a scaled-back version of a policy announced under former prime minister Liz Truss.
The zones will be backed by £80 million spread over five years that can be directed towards tax relief for businesses, training and infrastructure.
They will be focused on one of a series of key sectors – technology, creative industries, life sciences, advanced manufacturing and the green sector.
Seven other areas in England have been shortlisted – the East Midlands, Liverpool, the North East, South Yorkshire, the Tees Valley, the West Midlands and West Yorkshire.
The government is also in discussions with the devolved administrations over how investment zones can be established in Scotland, Wales and Northern Ireland to account for the final four locations.
“True levelling up must be about local wealth creation and local decision-making to unblock obstacles to regeneration,” Hunt said in a statement adding
“From unleashing opportunity through new Investment Zones, to a new approach to accelerating R&D in city regions, we are delivering on our key priority to supercharge growth across the country.”
