In his first Spring Budget as Chancellor, Jeremy Hunt announced a number of ‘investment zones’ across the country.
The programme will provide 12 areas, split across England, Wales, Scotland and Northern Ireland, with £80 million in support and “put powers and money in the hands of communities that need it most”.
As part of the Government’s levelling up plans, these zones will drive business investment through “generous tax incentives” and bolster the UK’s potential as a hub for innovation.
In his speech, Hunt set out the eligibility for zones that wish to be part of the scheme. He said: “To be chosen, each area must identify a location where they can offer a bold and imaginative partnership between local
government and a university or research institute in a way that catalyses new innovation clusters.