Boost to the local economy announced by Government

Written and sent on behalf of North East Lincolnshire Council:

North East Lincolnshire has been invited by Government to be part of early discussions on the creation of a new “investment zone”, designed to drive business growth, create jobs and increase wages.

The council is one of 38 areas listed by the Government following the Chancellor of the Exchequer’s budget statement delivered in the Commons this morning.

According to Government, these new investments zones will apply to specific land areas and will have more liberal planning rules to release land and accelerate development. 

The proposals could see a cut in taxes for businesses on these sites for the first ten years, with the Chancellor announcing a variety of benefits such as:

  • accelerated tax reliefs for structures and buildings
  • 100 per cent relief on qualifying investments in plant and machinery used on the sites
  • no stamp duty on purchases of land and buildings for commercial or new residential developments
  • no business rates on newly occupied business premises
  • for every new employee the business will pay no national insurance on the first £50,000 they earn.

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