Businesses keen on UK’s planned investment zones; sceptics see administrative challenges

[LONDON] Local and foreign businesses operating in the United Kingdom are enthusiastic about the recent green light for 12 new investment zones in the country.

It is early days, but the British government has announced the intention to launch devolved low-tax economic development areas to attract local and foreign investment. The UK Treasury will be allocating £960 million (S$1.6 billion), working out to £80 million grants and tax reliefs to each zone, over the next five years.

The English zones will be in West Midlands, East Midlands, Greater Manchester, Liverpool, South Yorkshire, West Yorkshire, Northumberland, Tyne and Wear and County Durham in the north-east, and Tees Valley near Newcastle.