Fiscal statement: welcome end to "shallow and incoherent" investment zones

7 December 2022

Responding to the fiscal statement, Charlotte, Alldritt, Chief Executive of economic thinktank the Centre for Progressive Policy, said:

“Truss’ low tax investment zone policy was shallow and incoherent. In repurposing it to create high productivity clusters around universities in deprived areas, the government has salvaged something that might actually work as a driver of regional growth. There must now be a real effort to ensure the gains from innovation are transferred to local businesses and communities.”

“The Chancellor deliberately mentioned levelling up, but devolution deals alone will not deliver the economic transformation this agenda once promised. We need devolution to go deeper, not just wider, to unlock fully the potential for local leaders to drive sustainable, inclusive economic growth in their area. Additional spending on schools, hospital building and transport infrastructure must also be aligned to local and regional priorities.”