Second Investment Zone creation for the East Midlands : announced in the 2023 Autumn Statement

Recent Announcement of the creation of a second Investment Zone in the Autumn Statement for the East Midlands

The Chancellor’s recent Autumn Statement delivered some good news for Derby and the wider region, as he announced the creation of the second East Midlands Investment Zone. This is a new initiative to support innovation, skills, infrastructure and business growth in areas that need levelling up.

What the second East Midlands Investment Zone means for businesses

This second Investment Zone creation for the East Midlands is in addition to the 12 new Investment Zones announced by the Chancellor in the 2023 Spring Budget. It is expected to help leverage £388m in private investment and help to create 4,200 jobs in the region over the next 10 years to invest in projects that boost innovation, skills, infrastructure and business growth.  

Building on the existing strengths and opportunities in the region, such as advanced manufacturing, life sciences, digital and creative industries, and low carbon technologies. It will aim to catalyse a small number of high-potential clusters in these sectors, harnessing local talent, knowledge, and networks to drive productivity and sustainable growth that benefits local communities.

The Investment Zone will also offer generous tax incentives for businesses that locate or expand in the zone, such as enhanced capital allowances, business rates relief, and research and development tax credits. These incentives will make the zone more attractive for investment and innovation, and help create more jobs and prosperity for the region.

How will it benefit East Midland businesses?

The Investment Zone will create a number of benefits for East Midlands businesses, such as access to:

• Funding and support for innovation and growth projects, especially in the priority sectors of digital and tech, green industries, life sciences, advanced manufacturing, and creative industries.
• Improved infrastructure and connectivity, such as transport, broadband, energy, and utilities, which will enhance the competitiveness and resilience of East Midland businesses. 
• A larger and more skilled talent pool, as the Investment Zone will support skills development and training, as well as attract more talent from outside the region.
• New markets and opportunities, as the Investment Zone will increase the visibility and reputation of the region as a hub for innovation and excellence, and foster more collaboration and partnerships between businesses, research institutions, and the public sector.

How we can help you?

At Haines Watts, we are committed to helping our client’s thrive and grow.

We can help you:

• Maximise the tax benefits and incentives available in the Investment Zone, such as capital allowances, business rates relief, and R&D tax credits.
• Manage your finances and cash flow, and access funding and finance options to support your investment and expansion plans.
• Plan and implement your growth strategy to overcome any challenges or risks that may arise in your business plans.

If you are interested in finding out more about the services we offer and how it can benefit your business, please do get in touch.  Visit your local East Midlands Haines Watts offices: 

Derby

Nottingham

Leicester