Chancellor visits Darlington to champion investment zone and support the Economic Campus

• Kwasi Kwarteng today (29th Sep) visited the home of the Darlington Economic Campus for the first time since his appointment as Chancellor of the Exchequer.

• Mr Kwarteng met with Tees Valley Mayor Ben Houchen with combined authority having expressed an initial interest in establishing an Investment Zone, that if successful would increase productivity, create jobs, and encourage investment.

• The Chancellor reaffirmed his commitment to the Darlington Economic Campus as the Treasury release ‘sneak peek’ first look at what new site could look like.

Chancellor Kwasi Kwarteng was in Darlington today (29th Sep) with a pledge to ignite growth in a town that is home to more than 160 Treasury staff.

The government has set out its mission to drive economic growth through lower taxes and cutting burdensome regulation that has shackled local communities, with the new Investment Zones initiative at the heart of that.

Mr Kwarteng was in town to champion the benefits that Investment Zone status could bring to the Tees Valley and other authority areas, with generous, targeted tax incentives for businesses driving growth. The Chancellor stopped by one of Darlington’s largest local employers, Cummins, hailing the company as a blueprint for high-quality job creation and enterprise.

Chancellor of the Exchequer Kwasi Kwarteng said:

“This government’s growth plan will help communities across the United Kingdom, unlocking barriers to investment and enterprise while providing support now for households and businesses. We are driving growth in a sustainable way and will also ensure debt falls in the medium term.

“Investment Zones are at the heart of our growth plan. I’m pleased that Tees Valley and other areas across the country have shown a keen interest in establishing one.

“We have already shown our commitment to driving growth and creating jobs in the North East through the Darlington Economic Campus, and I am delighted that plans for the permanent site are progressing well.”

The Tees Valley Combined Authority is one of three to have expressed interest in establishing an Investment Zone in the North East. Should the bid be successful, existing and prospective businesses in the zones stand to benefit from incentives such as 100% business rates relief on newly occupied business premises and a zero rate for Employer National Insurance contributions on salaries of any new employee working in the tax site for at least 60% of their time on earnings up to £50,270 per year.

The Investment Zone could also liberalise planning rules to release more land for housing and commercial development, as well as reforms to increase the speed of delivering development.

It could be another boost for the town of Darlington which is home to teams from eight government departments, including the Department for Education at a separate site, with the Treasury today lifting the lid on concept images for the new permanent home of the Darlington Economic Campus.

Tees Valley Mayor Ben Houchen said:

“These fantastic images show how even more of Darlington is being redeveloped and brought back into use, complementing projects we’ve been spearheading such as the town’s £100million-plus station transformation.

“The Darlington Economic Campus is more than just bricks and mortar, though. While the building itself is a welcome addition to the town, it represents how our region is able to play a major role in Government policy for the benefit of the North going forward.

“It’s also showing local people they can have a fantastic civil service career in the place they call home – with over 160 already in good-quality, well-paid jobs and plenty more available right now.”

More than 1,100 new government roles will be based at the Brunswick site by 2025 – 300 of which will be HM Treasury roles. The Darlington Economic Campus supports the wider Places for Growth programme which aims to move 22,000 civil service positions out of London and the South East by 2030.

Chancellor Kwarteng greeted staff based at Feethams House today during a tour of the new office, taking the opportunity to thank them for the work that they do. The Chancellor also met with Tees Valley Mayor Ben Houchen to discuss business investment and growth within the region.

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