September 27, 2022 8.00 am This story is over 33 months old

Lincolnshire makes bid to become Investment Zone

The zones could boost the food and defence industries

County Councillor Colin Davie says Lincolnshire shouldn't be left out of plans | Image: Daniel Jaines

Lincolnshire shouldn’t be left behind in Investment Zone plans, the county’s economy boss has claimed.

North and North East Lincolnshire were on the government’s initial list of areas which could have tax-break sites created to accelerate growth.

Chancellor Kwasi Kwarteng announced the new growth initiative in last week’s mini-Budget.

County Councillor Colin Davie, the executive councillor for Economic Development, has made the case that the rest of Lincolnshire be included too.

“Lincolnshire already has unprecedented inward investment enquiries, particularly around food. The zones would enable us to deliver much more investment with all the benefits that go along with it,” Councillor Davie said.

“I have formally written to government expressing my view that Greater Lincolnshire should be classed as one Investment Zone.

“The government is looking for specific local sites within the wider areas. We already have three food enterprise zones which would fit the bill.

“There’s also the potential for Investment Zone for the defence industry around Lincoln and North Hykeham which could attract international interest.

The South Lincolnshire Food Enterprise Zone – one potential location | Photo: Stuart Wilde

“These are early days – most of the 38 councils have only been speaking with the government since the business resumed after the Queen’s funeral.

“This is how you Level Up areas, by making inward and international investment possible. Money floods in, creates jobs and raises the standard of living.

“We’re not prepared for Lincolnshire to be left behind.”

Investment Zones would be likely to receive tax benefits and loosened planning laws which would make development easier.

Business for the first ten years could benefit from reduced business rates, capital allowance and national insurance contributions.

The government is set to announce the criteria for becoming an Investment Zone soon, although no timelines have been revealed.

38 authorities are currently in discussion, with the government saying there’s more to come.

Council leaders in North and North East Lincolnshire welcomed the news, saying it would entice businesses to the area.