North Lincolnshire has been invited by Government to become a new ‘investment zone’ – a proposal designed to drive business growth, create jobs and increase wages.
The council is one of 40 areas confirmed by Chancellor of the Exchequer Kwasi Kwarteng MP in a fiscal statement delivered in the Houses of Parliament this morning.
Cllr Rob Waltham, leader, North Lincolnshire Council, said: “This latest announcement is further evidence of Government support for our existing plans.
“It should mean we can move at a greater pace to enable businesses to invest and grow to create more jobs and drive wages even higher here in North Lincolnshire.
“We have already had a great deal of Government cash to back our plans and these proposals will further simplify the investment process for businesses – it will make areas of the county more attractive and will ensure speed of delivery.
“We’ll work with Government to ensure we can take advantage of these plans for the people in North Lincolnshire, attracting additional investment, creating new jobs and supercharging wages.”
The investments zones will be subject to more liberal planning rules in specified agreed sites to release land and accelerate development.
They will also include, for the first ten years, accelerated tax reliefs for structures and buildings, 100 per cent relief on qualifying investments in plant and machinery, no stamp duty on purchases of land and buildings 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.
The Chancellor also confirmed the Energy Price Guarantee for households and the Energy Bill Relief for businesses, charities, schools and hospitals.
The first will cap the cost of electricity and gas for households, saving an average of £1,400 a year and upwards of £2,200 for those on the lowest incomes.
Further announcements included reviews of the planning process and the Government business case process to speed up decision making and extra support for unemployed over 50s.
Stamp duty changes were confirmed, raising the starting point from £125,000 to £250,00 and increasing the starting point for first time buyers from £300,000 to £425,000.
Additionally, a planned increase in corporation tax will now not happen, duty on alcohol will be frozen, National Insurance will be reduced from November 6 and the 20 per cent rate of income tax reduced to 19 per cent next April.
Cllr Waltham added: “Along with the measure to create more jobs and increase wages, these plans will also put more money in people’s back pockets.
“Faced with the increased cost of living, these changes will ensure those people working on the steelworks and in factories across the area, along with nurses and teachers, will get some extra cash every month we know will be spent supporting local shops, pubs and restaurants.”