Connect with us

Hi, what are you looking for?

Editor’s Pick

Tech hubs near England’s universities to benefit from almost £1bn in extra funding

<?xml encoding=”utf-8″ ??>

Tech hubs clustered around universities in England will benefit from almost £1bn in extra funding as part of a range of measures in the budget on Wednesday to boost business investment in the regions.

The chancellor will make the pledge to create 12 investment zones in eight areas “to drive business investment and level up” the country, each backed with £80m of government funding.

Jeremy Hunt will say that the zones will form the cornerstone of his efforts to “supercharge growth” to accelerate research and development in the “most budding industries”.

Eight existing and proposed combined authority areas across England have been shortlisted to host the zones, with the intention to agree plans with the combined authority mayors, individual local authorities and business groups by the end of the year.

Last September the former chancellor Kwasi Kwarteng said he wanted a national network of investment zones to be the springboard for business investment in the regions.

When he took over last October, Hunt said he would implement the policy “in a way that learns the lessons of when similar models have been tried in the past and we will make sure they are successful”.

The precise rules governing investment zones have not yet been confirmed but Hunt has set aside the funds to cover five years rather than the 10 years most developers hoped for.

The Institute for Government said a reduction in national insurance contributions for employers, a cut in business rates and more generous capital allowances on the purchase of new machinery and equipment are also likely to be part of the package of incentives.

Looser planning rules inside the zones are expected to mean it will be easier to build commercial buildings and houses on the land, putting the government on a collision course with environmental charities that have argued the zones will damage the natural biodiversity in the areas affected.

Wildlife charities including the Woodland Trust have said the loosening of regulations could put nature in peril, as many could be in green belt land on the edge of cities that currently protect fragile ecosystems from development.

Hunt said he wanted to support research institutions clustered around universities covering the life sciences, advanced manufacturing, creative industries, the tech sector and the development of green jobs.

He said: “True levelling up must be about local wealth creation and local decision-making to unblock obstacles to regeneration.

“From unleashing opportunity through new investment zones, to a new approach to accelerating R&D in city regions, we are delivering on our key priority to supercharge growth across the country.”

The zones will be located in the proposed East Midlands Mayoral Combined County Authority, Greater Manchester Mayoral Combined Authority, Liverpool City Region Mayoral Combined Authority, the proposed North East Mayoral Combined Authority, South Yorkshire Mayoral Combined Authority, Tees Valley Mayoral Combined Authority, West Midlands Mayoral Combined Authority, and the West Yorkshire Mayoral Combined Authority.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



The Independent Electricity Market Operator of the Philippines (IEMOP) is holding a big conference, the Philippine Electric Power Industry Forum (PEPIF) 2023, with the...


TIM MOSSHOLDER-UNSPLASH TECHNOLOGY is moving at lightning speed. In my lifetime alone, the world as we know it has orbited into a completely different...


A man wearing a protective mask is reflected on an electronic board displaying various companies’ stock prices outside a brokerage in Tokyo, Japan, Feb....


KREMLIN.RU/EVENTS/PRESIDENT/NEWS/60363/PHOTOS-COMMONS.WIKIMEDIA.ORG SEOUL — North Korean leader Kim Jong Un has overseen drills simulating a nuclear counterattack against the US and South Korea in a...


RAGHAVENDRA V KONKATHI-UNSPLASH LONDON — Some of the world’s leading makers of flu vaccines say they could make hundreds of millions of bird flu...


BW FILE PHOTO Productivity and customer experience management tools are the most sought-after tools among companies in the Philippines, with businesses of all sizes...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.