Commons Sense

House of Commons · Ministers' Questions

Investment Zones

Tuesday 9 May 2023 · 6 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 3 Not answered 0

Key points

  • The refocused investment zones programme will catalyse 12 high-potential, knowledge-intensive growth clusters across the UK, including four in Scotland, Wales and Northern Ireland.
  • The Government aims to have all investment zone proposals agreed by the end of the financial year, and sooner if possible.
  • The borderlands area is already benefiting from the 452 million borderlands growth deal, which aims to create 5,500 jobs.

Topics (select to filter)

Questions & Answers

Q1 John Stevenson Con
Economy Northern Ireland Scotland Wales
Context

The MP asks about the potential economic benefits and impacts of investment zones.

Question

What assessment has been made of the potential impact of investment zones on the performance of the economy?

Answer from John Glen

The refocused investment zones programme will grow the UK economy and bring investment to areas that have traditionally underperformed economically. The programme will catalyse 12 high-potential, knowledge-intensive growth clusters across the UK, including four in Scotland, Wales and Northern Ireland.

Answered
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Q2 Peter Gibson
Economy Business & Trade
Context

The MP welcomes the Government's announcement for the Tees valley investment zone and asks about its benefits for Darlington.

Question

Does my right hon. Friend agree that this £80 million investment will unlock new opportunities for my region? Can he outline a timescale for when we will see things start to happen?

Answer from John Glen

The Government want to make rapid progress on delivering investment zones. We are engaging with partners to ensure that we can support those with the ambition to move at speed, and we intend to have all proposals agreed by the end of the financial year, and sooner if at all possible.

Partly answered

Not addressed: The answer did not provide specific dates or concrete timelines for the implementation of the investment zones.

How: We Are Engaging With Partners

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Q3 John Stevenson Con
Business & Trade Local Government
Context

The MP questions whether prioritising investment zones in economically challenged areas is the right course of action and enquires about a potential zone in the borderlands.

Question

Would the Minister agree that prioritising investment zones in areas that need a helping hand is the right course of action? And does he envisage an investment zone in the borderlands area in the near future?

Answer from John Glen

The areas of England that are eligible to host an investment zone were identified through a rigorous analytical assessment. The borderlands area is already benefiting from the £452 million borderlands growth deal, which was signed just two years ago and aims to create 5,500 jobs.

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Q4 Jim Shannon DUP Strangford
Economy Northern Ireland Business & Trade
Context

The MP requests discussions with the Department of Finance about a potential investment zone in Strangford.

Question

What discussions has he had with the Department of Finance back home about a potential investment zone in Strangford?

Answer from John Glen

We will see what happens. There will be a rigorous process, including wide consultation, and we expect to have an outcome that benefits his constituents and people across Northern Ireland.

Not addressed: The answer did not provide details on discussions with the Department of Finance or any specific plans for Strangford.

How: We Will See What Happens

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Q5 Stewart Hosie SNP
Economy Business & Trade
Context

The MP inquires about the fiscal support offered by investment zones compared to enterprise zones.

Question

What additional fiscal support are the Government providing to differentiate these investment zones from enterprise zones?

Answer from John Glen

The key distinction is that we have identified areas that have clusters, often relating to a university, and that have potential in a key sector. The investment zones will be worth £80 million over five years.

Partly answered

Not addressed: Did not provide concrete fiscal support details differentiating investment zones from enterprise zones.

How: It Is Difficult To Be Precise About The Numbers

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Q6 Stewart Hosie SNP
Business & Trade
Context

The MP questions whether investment zones will suffer from the same problems as enterprise zones and freeports.

Question

What steps are the Government taking to ensure that investment zones do not suffer from the same problem as enterprise zones and freeports?

Answer from John Glen

We will be working closely with the Department for Levelling Up, Housing and Communities to look at each proposal by the end of the year. We will be having that certainty on the tax incentives over those five years and making local authorities an accountable body for the delivery of this.

Partly answered

Not addressed: Did not provide specific steps or concrete measures to prevent similar issues as enterprise zones and freeports.

How: We Will Be Working Closely

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