Sir Keir Starmer has announced that the upcoming Budget will include funding for five new freeports across the UK, as well as a new investment zone.
The Prime Minister stated that these initiatives are part of the Government’s growth strategy, aimed at creating new jobs and boosting investment across various regions.
Rachel Reeves is set to reveal the locations of the five new freeports in the October 30 Budget, with the sites expected to be distributed across the UK, not just in England.
In addition, Sir Keir confirmed funding for the East Midlands investment zone, building on a program initiated by the previous Conservative government. Speaking from a Commonwealth summit in Samoa, the Prime Minister emphasized the significance of the East Midlands investment zone, calling it “really important” for driving economic growth.
“These zones attract investment and generate tens of thousands of well-paid jobs. This is great news,” he said.
Investment zones are designed to attract private investment to specific regions using public funding, with a focus on targeted industries based on a national strategy.
Earlier, at Labour’s party conference, Angela Rayner confirmed funding for two investment zones in West Yorkshire and the West Midlands, following the previous government’s plan to establish a total of eight zones in the 2023 Budget.
