Parts of North Yorkshire could be low-tax 'investment zones'
The proposals would be in a bid to boost growth across the county
Some businesses in North Yorkshire could benefit from tax cuts and relaxed planning restrictions under proposals to create new “investment zones” in the county.
North Yorkshire County Council is one of 38 local authorities which have begun talks with the government over the plans that could see stamp duty waived, employment taxes cut and business rates scrapped in parts of the county.
New legislation to cut planning rules and speed up building are also part of the proposals announced by chancellor Kwasi Kwarteng on Friday.
There are, however, already questions over the environmental impact of speeding up new developments, while further concerns have been raised over whether the zones will shift existing economic activity rather than creating new business.
Councillor Carl Les, leader of North Yorkshire County Council, said talks about the county’s involvement in the plans were at a “very early stage” and that he could not yet confirm where exactly the zones could be introduced.
He said: “We have submitted an expression of interest to be involved in this, but no potential sites have as yet been identified and our dialogue with the government is at a very early stage.
“The proposed benefits could include a range of measures which would make such sites favourable to new businesses.
“This seems an exciting and welcome initiative and we will work with the government to deliver benefits to the North Yorkshire economy.”
After expressions of interest from the 38 local authorities, the government has so far named 24 sites in England that could be eligible to become investment zones, including the River Hull corridor.
Elsewhere in Yorkshire, East Riding of Yorkshire Council, the South Yorkshire Combined Authority and the West Yorkshire Combined Authority have also shown an interest in taking part.
The government said the zones – which are loosely based on the freeport scheme led by former chancellor Rishi Sunak – will drive employment, investment, and home ownership, and are open to all parts of England if “local consent” is confirmed.