Political leaders in Greater Manchester are in talks with the Government over a so-called low-tax 'Investment Zone', a concept set to be unveiled later today as part of an emergency mini-budget.
He said: "The zone has a core where the costs of doing business and other barriers, such as planning requests, would be freed up. In theory, businesses that located in the Investment Zone would find it easier, quicker and cheaper to go about their operations than elsewhere in the UK. Any bid on behalf of the city region, the M.E.N. understands, is likely to reference six specific areas of Greater Manchester. The authority, however, is believed to be waiting for the full and fine details to be announced later today .
The Airport and Southern Growth Corridor aims to unlock the city region's undoubted international potential, facilitating business and tourism and including high-speed rail, through HS2, at the Airport and into the city centre. The zone also supports the continued redevelopment of Stockport town centre.
The mayor of Greater Manchester, Andy Burnham, told the M.E.N. the GMCA was asked to submit an expression of interest by Wednesday and the leaders of all 10 Greater Manchester town halls discussed the move on Tuesday. "We are open-minded," said Mr Burnham. "We have put forward our sites as expressions of interest, but the leaders expressed concerns about the undermining of our good employment charter and workers' rights. There are concerns about, potentially, another area could try to take jobs from Greater Manchester if they got an investment zone and we didn't."
"The challenge for Investment Zones to be successful is multiple. The businesses that are attracted to the zones must not simply shift economic activity around as the benefit to the zone is a disadvantage then felt somewhere else in the country - more a case of 'moving about' than 'levelling up'. "Considering that one of the cornerstones of the announcement will be the permanent reduction of the highest level of stamp duty for houses valued over £1m, with closer scrutiny there may be little to celebrate for those most worried about heating their home over Christmas."