A new Investment Zone has been confirmed for Greater Manchester in Chancellor Jeremy Hunt’s Autumn Statement 2023 as part of his measures to grow the economy and level up the country.
Alongside the Greater Manchester Mr Hunt announced that the West Midlands and East Midlands would also become investment zones. Combined, these are expected to create £3bn private investment and support the creation of 65,000 jobs.
The government previously announced plans for 12 zones in the Spring Budget, with West Yorkshire confirmed as a location earlier this week, following South Yorkshire and the Liverpool City Region earlier in the year.
Investment zones are eligible for funding and tax reliefs in hopes to drive investment and growth within a key sector.
The Greater Manchester Investment Zone will focus on advanced manufacturing and materials. Local partners expect it to help leverage £1.1bn in private investment and create 32,000 jobs in the city-region over the next ten years.
Covering Manchester, Salford, Rochdale, Bury, Oldham and the wider City Region, the Zone will benefit from anchor investment from First Graphene, Kadant, Werit and Hydrograph worth more than £10m.
The Chancellor also announced that financial incentives and tax reliefs in Investment Zones and Freeports are set to be extended from five to ten years, doubling the flexible funding envelope for investment zones.
He also announced plans for a £150m Investment Opportunity Fund as part of the programme which will be available over five years.
Joe Manning, Managing Director of MIDAS says “The Greater Manchester Investment Zone will be important to our future approach to attracting international investment in advanced manufacturing and materials.
“We are the leading UK city outside London for inward investment and with this additional support, Greater Manchester will continue to play a transformative role in the growth of the North and beyond.
“This initiative will provide a new competitive edge and a boost for businesses looking to commercialise and create high-value and highly skilled jobs.”