The UK’s chancellor has announced plans to create 12 investment zones involving “bold and imaginative” partnerships between local governments and universities.
Jeremy Hunt confirmed the much-trailed policy in his spring budget speech, pledging that areas across England will host one of the new zones, with at least one in Scotland, Wales and Northern Ireland as well.
Up to £80 million in funding over five years will be available for each investment zone, “to be spent on interventions including skills, infrastructure, tax reliefs and business rates retention,” Mr Hunt told the House of Commons.
Universities have welcomed the plans and stressed that they can play a “pivotal role” in boosting economic growth in the country.
