Michael Gove, the levelling up secretary, has confirmed the Westminster government’s change of approach to investment zones, saying they will focus on “leveraging the success” of university research and growth industries in “communities in need of regeneration”.
Mr Gove also said a process to identify investment zones would “shortly begin”, when he delivered a speech to the Convention of the North in Manchester.
In Liz Truss’ fleeting spell as prime minister, investment zones were envisaged as a tax-cutting and deregulation measure.
But after Rishi Sunak replaced her, new chancellor Jeremy Hunt signalled in his autumn statement that there would be a “change of approach”. The zones would now focus, he said, on “leveraging our research strengths by being centred on universities in left-behind areas to help build clusters for our new growth industries”.
