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Chancellor expected to announce low-tax investment zones

Chancellor Kwasi Kwarteng is expected to announce new low-tax investment zones at the emergency budget this Friday (23 September).

Up to twelve places in the UK will see planning regulations and taxes relaxed in an attempt to attract investment and revitalise local areas.

Prime Minister Liz Truss pledged to create these new investment zones, dubbed "full fat freeports", in her leadership bid for the Conservative Party.

Brownfield sites with potential for redevelopment are likely to be the main focus of the policy.

Businesses are expected to benefit from the announcement, with one report suggesting that residents and employees in the area may also be offered tax breaks.

The new zones will primarily focus on areas of lesser investment across the UK, with potential sites including the West Midlands, Tees Valley and Norfolk.

Kwarteng is also expected to reverse the rise in National Insurance and go into more detail on the Government's new plan to help businesses and individuals with soaring energy bills.

Speaking on the low-tax investment zones, the Prime Minister said:

"By creating these new investment zones, we will finally prove to businesses that we're committed to their futures and incentivise them to stimulate the investment that will help deliver for hard-working people"

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