From Department for Levelling Up, Housing and Communities (DLUHC):
Today (23 September) the Chancellor of the Exchequer, Rt Hon Kwasi Kwarteng MP, delivered the Growth Plan 2022 to Parliament.
In his speech, he set out his approach around three central priorities:
- Reforming the supply side of the economy
- Maintaining responsible approach to public finances
- And cutting taxes to boost growth
As part of The Growth Plan 2022, the Chancellor announced that the Secretary of State for Levelling Up, Rt Hon Simon Clarke MP, is working to establish Investment Zones in England – and also intends to work closely with the devolved administrations and local partners in Scotland, Wales and Northern Ireland.
The Investment Zones tax offer will be designed to encourage investment and new economic activity, supporting growth and a host of new jobs. Businesses in designated areas in Investment Zones will benefit from 100% business rates relief on newly occupied and expanded premises. Councils hosting Investment Zones will receive 100% of the business rates growth above an agreed baseline in designated sites for 25 years.
Each Investment Zone will offer targeted and time-limited tax cuts for businesses and modified planning rules to release more land for housing and commercial development.
The Chancellor also confirmed:
- Cancellation of the National Insurance rise and Health and Social Care levy
- Corporation tax rise cancelled
- Changes to Stamp Duty Land Tax in England and Northern Ireland
Basic rate of income tax cut to 19% in April 2023
Factsheets on each of the major measures can be found linked below along with a series of downloadable graphics for you to share across your social media channels and websites and links to our own social media posts.
Please use these graphics across your own communications channels and amplify these posts across your own social media as you see fit.