City aims to become new low tax ‘investment zone’
PLYMOUTH is to bid to become one of the new low tax “investment zones” planned by Prime Minister Liz Truss.
If successful, it could mean city residents pay less in personal taxes, planning rules are relaxed, and the council could act to improve city centre streets which it says are “virtually derelict”.
Cllr Richard Bingley, leader of Plymouth City Council, has briefed his Conservative group on the proposal and has tasked officers with finding out more. It is expected full details of the investment zones – being dubbed “full-fat freeports” – will be revealed in today’s minibudget.
Cllr Bingley said the “very exciting proposals” from the Government would centre around lower taxes and reduced local regulation. He said the plan could result in higher household incomes, more house building, a boost for business and regeneration of the “under-utilised and uncared for” parts of the city centre.
He told Tory councillors: “Conceptually, these zones seem similar to PM Margaret Thatcher’s ‘enterprise zones’ which – as you recall – were successful in catalysing the transformation of London’s Docklands, among other urban locations. We have approved Plymouth City Council officers to explore these proposals and to register our interest with HM Government.
“This indication has now been activated. Once we receive more detail, and we expect this shortly, we anticipate moving into a final application process.”
Cllr Bingley added: “Put simply, this is a massive opportunity to increase household income, business creation and quality urban home building, here in our Ocean City. For decades, despite some excellent council-led regeneration, vast swathes of our city centre and West End remain under-utilised and uncared for. Frankly speaking, some of our historic main streets are now left virtually derelict.
“Furthermore, decent, green, homes – fit for an aspirational modern life – have simply not been built in enough supply. The fact that we are now in discussion with Government officials about making Plymouth one of the new PM’s first ‘investment zones’ demonstrates not just our sense of purpose, but the agility, ambition and determination that we have in delivering practical assistance for our Ocean City.”
Cllr Bingley said the investment zone bid was being made because “it is not acceptable that our residents’ wages are lower than the national average”.
He added: “It is not acceptable that our business-failure rates are higher than other comparable cities.
“Moreover, it is not acceptable for our housing stock to be of lower quality and quantity than other similar-sized marine cities or marine city environments. This proposed transformation – moving toward becoming an investment zone – also makes concrete our repeated pledge to residents to deregulate our city, remove outdated obstacles, in order to ensure that our beautiful natural environment is matched by an ambitious, dynamic and attractive urban environment.”
‘Some of our historic main streets are now left virtually derelict’ CLLR RICHARD BINGLEY