At this morning's Oral Questions for Treasury Ministers, Gareth provided an update to the House of Commons on the Government's newly announced Investment Zone for the East Midlands.
The East Midlands Investment Zone has secured £9.3 million in anchor investment, will attract £323 million in further investment, and is expected to create 4,000 local jobs.
Investment Zones support the collaboration of local research institutions, local industries, and local authorities by bringing in new investment through tax incentives and infrastructure spending. Areas are selected for an Investment Zone according to their potential for economic growth and innovation, as well as their levelling up need.
At the Autumn Statement, it was announced that Government funding for Investment Zones will double from £80m to £160m. The programme will also last twice as long, now covering a ten year period up to 2034.
