The Government has announced they are in discussions with 38 local authorities – including Central Bedfordshire & Bedford Borough to establish investment zones. The local authorities will have to apply, but if successful will then host Investment Zones apparently benefiting from:
1. Lower taxes –
- Businesses in designated sites will benefit from time-limited tax benefits.
2. Accelerated development –
- There will be designated development sites to both release more land for housing and commercial development, and to support accelerated development
- The need for planning applications will be minimised and where planning applications remain necessary, they will be radically streamlined. Development sites may be co-located with, or separate to, tax sites, depending on what makes most sense for the local economy
3. Mandate to boost growth –
- The planning system will not stand in the way of investment and development.
MMAG has identified that for developments which already have permission (residents may wonder if that would include the Marston Valley New Villages MVNV?), the Government will work with developers and local planning authorities to ensure planning is not a barrier to the accelerated delivery of these sites.
Please use these links for further info on the Governments new Investment Zones: