Oral Answers to Questions

Peter Gibson Excerpts

Tuesday 9th May 2023 Commons Chamber

The Chancellor of the Exchequer was asked—

[Peter Gibson (Darlington) (Con)]

1. What assessment he has made of the potential impact of investment zones on the performance of the economy.

[John Stevenson (Carlisle) (Con)]

25. What assessment he has made of the potential impact of investment zones on the performance of the economy.

[The Chief Secretary to the Treasury (John Glen)]

I would like to inform the House that the Chancellor is not with us today because he is at the G7 in Japan.

The refocused investment zones programme will grow the UK economy and bring investment to areas that have traditionally underperformed economically. The programme will catalyse 12 high-potential, knowledge-intensive growth clusters across the UK, including four across Scotland, Wales and Northern Ireland, in our key future sectors.

[Peter Gibson]

I warmly welcome the Government’s announcement that the Tees valley will be the location of one of their new investment zones, and this £80 million investment will unlock new opportunities for my region. Does my right hon. Friend agree that this is further evidence of levelling up for Darlington and the Tees valley? Can he outline a timescale for when we will see things start to happen?

[John Glen]

The Tees Valley investment zone will boost productivity and drive sectoral growth while providing benefits for the local communities that my hon. Friend represents. The Government want to make rapid progress on delivering investment zones. We are engaging with partners to ensure that we can support those with the ambition to move at speed, and we intend to have all proposals agreed by the end of the financial year, and sooner if at all possible.