Jeremy Hunt Confirms £100m UK & Scotland Investment Zones for Innovation
Jeremy Hunt, the Chancellor of the Exchequer, has confirmed initiatives to invest in specific areas in Scotland and the rest of the United Kingdom, as well as providing a financial boost to science and innovation in the city of Glasgow.
Tonight, the Treasury declared that as part of the presentation of the Budget on Wednesday, twelve investment areas would be established with £80m of support each to "boost business investment and level up."
The UK Government is working with the devolved administrations to establish four more investment zones in Scotland, Wales and Northern Ireland, in addition to the eight locations in England which have already been identified.
The Chancellor has declared that £100m will be distributed among Glasgow, Greater Manchester, and the West Midlands regions to help them become attractive sites for innovative research and become more competitive in the global market.
The SNP has implored Jeremy Hunt to use the Budget to "top up people's wallets".
Five sectors will be the center of the attention in these investment areas: life sciences, creative industries, digital technology, advanced manufacturing, and green industries are all expected to experience growth.
The Chancellor has designated clusters of universities and research institutions as investment zones that offer attractive tax incentives.
Tax reliefs can be funded, as well as the acquisition of new abilities, specialized aid for businesses, alterations to the planning system, or local infrastructure investments.
The Chancellor announced that £100m would be allocated among 26 innovative projects within the R&D clusters in Glasgow, Greater Manchester, and the West Midlands, with the goal of producing transformational outcomes.
The Treasury declared that these initiatives "will pull in private funds to advance the technologies of the future, creating new employment opportunities, and stimulating regional economic development".
The University of Strathclyde is spearheading a net zero endeavor to expedite the utilization of automated ultrasonic inspection in welding and additive manufacturing.
Jeremy Hunt declared that genuine leveling up is about generating local wealth and allowing local authorities to make decisions that can clear the way for regeneration.
We are meeting our objective of boosting growth in every part of the nation, by implementing Investment Zones that offer opportunity, and by introducing a novel method of expediting R&D in urban areas.
Michael Gove, the Secretary, declared that 'levelling up' is about supporting local development throughout the United Kingdom, instigating modernisation to bring in investment, and providing local communities with the power to realise their full potential. He went on to mention that these fresh investment zones and 'Levelling Up Partnerships' will offer extra jobs, improved services and more chances for people locally.
Michelle Donelan, Secretary for Science, Innovation and Technology, declared that the government has articulated its goal to turn the United Kingdom into a scientific and technological superpower, propelling the nation and the world forward.
The United Kingdom is investing £100m into 26 pioneering projects in Glasgow, Greater Manchester, and the West Midlands in order to promote local innovation. This is a key step in helping these areas become hubs of research and innovation for the future.