Great South West overlooked in Chancellor’s Budget

Wrexham, UK - April 06, 2017: Ascending stacks of money. New shiny gold coins on a background of more coins. Blurred background. British pound coins.

Chancellor Jeremy Hunt has announced his Spring Budget. Although there was positive news that the country will avoid a technical recession, and inflation will fall, the South West was notably absent when it came to key announcements around investment zones.

Karl Tucker, interim Chair of the Great South West, said: “The South West seems to be well down on the Government’s priority list which is incredibly disappointing. Although Torbay and Torridge are amongst areas in line for levelling up partnership funding, in the main the much discussed ‘levelling up’ agenda would appear to have been again restricted to investments in the North of England and the Midlands despite best efforts to expand this into other areas of the country much in need of levelling up. 

“Whilst I welcome support targeted at small businesses, including the increase in the Annual Investment Allowance to £1million, this is in the context of a rise in corporation tax, and huge cost pressures for many.

“Despite the fact that the region has been overlooked for potential new investment zones, the South West continues to have a very attractive and viable proposition, particularly in the blue and green economy, including marine, energy and renewables to name but a few of our exciting opportunities. Our efforts to support innovation and opportunity, investment and growth, continues unabated and we are liaising closely with our MPs as we push for improved incentives to attract further investment into high growth sectors.”