A dozen investment zones to share £1bn

Almost £1bn will be earmarked for 12 investment zones in tomorrow’s Budget. The chancellor will announce plans to start discussions with regional leaders in a dozen locations around the country to host the low-tax zones, which will each receive £80m over five years – totalling £960m – in government support. The zones are expected to be set up around UK universities and have a tech focus. The Treasury said the money could be used to offer tax incentives, improve the planning system, or for local infrastructure in the zones. The tax breaks could include relief on stamp duty, business rates or employer national insurance contributions. Four of the zones will be in Scotland, Wales and Northern Ireland. The other eight will be in the East Midlands, Greater Manchester, Liverpool city region, North East, South Yorkshire, Tees Valley, West Midlands and West Yorkshire. The FT (£)The Guardian