Investing for the future Regeneration

Given her shattered reputation, to be seen anywhere near a Liz Truss policy is to encourage potential political peril.

But that’s what Chancellor Jeremy Hunt did in his Spring Budget, reviving the former Prime Minister’s plans for UK-wide investment zones.

Crucially, the former Health Secretary’s blueprint was a watereddown version of the ex-Conservative leader’s draft, saving the economy and its people any further Truss-invoked tremors. combined authorities, relevant local authorities and universities is welcome, as is the need to evidence strong business engagement.

Pledging investment zone status to both the Tees Valley Mayoral Combined Authority and the new North East Mayoral Combined Authority, the Chancellor says the title – which promises access to £80 million across five years, including tax reliefs and grant funding – will “address local productivity barriers” by “driving growth in key future sectors”.

A commitment to plans being codeveloped through an iterative process with the Government is also positive.

The focus on five priority sectors from digital and tech through to advanced manufacturing is good for the UK, but particularly good for the North East and its established strengths.

As the employer representative body leading the delivery of two local skills improvement plans for the combined authority areas, we were also pleased to see the employer voice featuring strongly in the programme.

Words by Rhiannon Bearne

director