Somerset 'could be a pioneer' with new investment zone
Somerset could get a new investment zone
Last updated 23rd Sep 2022
Somerset's Gravity site, just north of Bridgwater, could help form one of the first of the Government’s new Investment Zones, following today's mini budget.
Chancellor Kwasi Kwarteng has announced the creation of low-tax, low-regulation investment zones - including in Plymouth, Somerset, Cornwall and the West of England.
The former Royal Ordnance Factory north of Bridgwater has been identified as a potential site for a Gigafactory. The 616-acre site has the potential for an onsite rail terminal and sits by J23 of the M5 motorway. The total project could deliver up to 7,500 skilled jobs in the county.
The Government is in talks with dozens of local authorities in England to set up zones and is also considering converting the post-Brexit freeports introduced by Boris Johnson into investment zones, where further deregulation is expected.
Councillor Bill Revans, Leader of Somerset County Council, said: "We need to see the detail of how a new Investment Zone will work, but I am very pleased that Somerset looks like it could be a pioneer for the concept.
“With our plans for the Gravity site, our support for renewables and Hinkley Point C coming on stream later in the decade, we can put Somerset at the heart of the new Green Energy revolution.
"We have also identified significant growth opportunities in our other major towns. There is a prize here to be seized - and we have our eyes on that prize.“
Councillor Duncan McGinty, Leader of Sedgemoor District Council added: “I broadly welcome Investment Zones for the Somerset.
"This could be an important tool for Somerset, with significant investment opportunities like Hinkley Point C, and Gravity in Sedgemoor.
"We will also work extremely hard to make sure that Sedgemoor remains a green and climate-friendly area.”