‘Investment zones will create new jobs and higher wages’

14:12, Thursday, 20th October 2022

An ambitious proposal has been submitted to government to fast-track the creation of new jobs and wage increases across North Lincolnshire. 

An expression of interest made by North Lincolnshire Council includes a number of locations to be designated as investment zones – where development will be accelerated by removing barriers to investment and growth.  

Cllr Rob Waltham, leader, North Lincolnshire Council, said: “Our proposals set a high bar and have been designed to have the greatest impact on growth, housing development and value for money. They will support the regeneration of under-developed sites, releasing their potential much quicker. 

“Investment zone status for these sites, if approved, will mean we can move at a much greater pace to enable businesses to invest and grow. It makes these areas – and as a result North Lincolnshire – far more attractive.

“The end result will be the creation of more jobs and even higher wages.  

“This is about becoming even more competitive globally and as we already have a really strong development plan, this will enable us to supercharge it.” 

Further details of the sites will be available when confirmed. A team of economic development specialists at the council are working with local businesses ahead of the government confirming the designations. 

The proposal is aligned with the council’s Economic Growth Plan; building on existing plans for enabling, sustainable growth in ports and logistics, energy, advanced manufacturing and food. 

The sites will offer, for the first ten years, accelerated tax relief for buildings, 100 per cent relief on certain plant and machinery, zero stamp duty on land and buildings purchases for commercial or new residential developments, no business rates on newly occupied business premises and for every new employee the business will pay no National Insurance on the first £50,000 they earn.  

Cllr Waltham added: “These proposed zones will get rid of burdensome regulations while at the same ensure schemes are well designed. They will still have to protect and enhance the natural environment and heritage, address flood risk, highway and other public safety matters. 

“Our proposal blends a number of approaches which will enable existing industry to strengthen its position through diversification, the development of unused land to create new areas for businesses to flourish and fast-track the creation of new homes.”