Questions have been asked at Lancaster City Council about ideas to create a government-backed investment zone in Heysham, which could see tax incentives and light-touch regulations offered as incentives for business investment.
Lancaster City Council was recently approached at short notice about establishing a Heysham investment zone, city councillors have been told. The topic was raised at the latest full council meeting this month (November 9).
Investment zones were launched in September by the government. The proposals have some similarities with the new government-backed freeports across the UK. Both investment zones and freeports have been linked to different districts of Lancashire in recent months.
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Investment zone plans appear to have a focus on domestic business and, in some areas, the government’s ambitions for more new house-building. Freeports have arisen against the backdrop of changing UK, Irish, EU and global trade arrangements following Brexit and Britain’s departure from the European Union.
In the past, Heysham has been mentioned in some freeport discussions, for example by Morecambe MP David Morris, but it has not been included in any schemes so far. The new investment zones are intended to create specific geographic locations offering multiple incentives to businesses. Elements could include total relief from business rates and stamp duty which is a tax…
