Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Kwasi Kwarteng to announce network of low-tax investment zones

by September 20, 2022
September 20, 2022
Kwasi Kwarteng to announce network of low-tax investment zones

The chancellor, Kwasi Kwarteng, is expected to announce the creation of a network of low-tax, low-regulation investment zones in an emergency budget on Friday.

Planning regulations will be relaxed in up to 12 places earmarked for this status, and taxes will be cut to incentivise investment.

The announcement, which is expected to take deregulation further than the post-Brexit freeports set up by Boris Johnson’s government, will be part of a package that will also see the rise in national insurance contributions abandoned, a planned increase in corporation tax scrapped and green levies temporarily removed from fuel bills.

Although not formally being billed as a budget, Kwarteng’s statement to MPs will dwarf most budgets in terms of its impact on the public finances. The main tax changes trailed in advance are expected to cost the exchequer at least £30bn a year.

Kwarteng wants to use the statement to show that the government is delivering quickly on the promises made by Liz Truss during her campaign for the Conservative leadership, when she said that investment zones would be at the heart of her plan to boost growth. A formal budget is due later.

The West Midlands, the Thames estuary, the Tees Valley, West Yorkshire and Norfolk are among the places where the zones may be sited. According to the plans set out by Truss in the summer, in each area there will be a central region, where regulations and planning rules will be eased to encourage industrial, commercial and residential development, and a periphery where the planning rules will be streamlined for housing.

According to one report, the Treasury is considering whether, as well as offering lower taxes for businesses operating in the zones, it could also offer lower personal taxes for people living or working there.

The policy is likely to focus on England in the first instance, although Truss wants to work with the devolved governments to set up investment zones in Scotland, Wales and Northern Ireland, too.

During her leadership campaign Truss also promised to reverse the national insurance contributions increase implemented by Johnson’s government earlier this year. Originally it was assumed that this tax cut, which will disproportionately benefit wealthy workers, would not come into force until the start of the 2023-24 financial year, but there have been reports claiming it could take effect from November.

MPs are due to resume normal business in the Commons on Thursday and, before Kwarteng delivers his statement, Jacob Rees-Mogg, is due to announce details of how businesses will get help with their energy bills, and Thérèse Coffey, the health secretary, is due to tells MPs about plans to tackle backlogs and staff shortages in the NHS.

During the leadership contest Truss said tax cuts, energy bills and the NHS would be her three immediate priorities when she took office. But the death of the Queen put all government activity on hold, meaning that announcements now have to be rushed out in a brief period later this week before the party conference season starts.

Read more:
Kwasi Kwarteng to announce network of low-tax investment zones

0
FacebookTwitterGoogle +Pinterest
previous post
Liz Truss warned corporation tax cuts have not fuelled investment
next post
What benefits can a commoner expect from cryptocurrency?

You may also like

Jeremy Hunt Stresses Continuation of Free Childcare Plan...

March 4, 2024

UK SME’s report capability crunch that paints worrying...

April 20, 2023

Energy Bills to Drop by £122 from July...

May 24, 2024

Labour’s VAT on private school fees faces high...

September 8, 2024

OnlyFans profits boom as users spent $4.8bn on...

September 2, 2022

UK Faces ‘Washout Winter’ Impact: Key Crop Shortages...

April 29, 2024

Timeless Elegance: Top Decor Trends for a Sophisticated...

July 2, 2024

John Lewis CEO criticises Rachel Reeves over ‘two-handed’...

November 21, 2024

How Is AI Changing Retail: 13 Trends Reshaping...

July 15, 2024

Specifics of Australian Online Sports Betting: Kinds of...

June 19, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, 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 © 2025 futureretirementsuccess.com | All Rights Reserved