'A town centre to be proud of' - Hartlepool bids for tax cuts to boost businesses

The Government’s new Investment Zones aim to stimulate growth by redirecting business rates back into local economies.

Instead of half of receipts heading to the Treasury, the cash would be used to “turbocharge development, investment and job creation” by the new Hartlepool Mayoral Development Corporation.

As well as tax incentives, the removal of planning red tape “will make it quicker, easier and smoother for companies to set up shop”.

Middlesbrough Mayoral Development Corporation is also bidding to become an investment zone.

Both bids are championed by Tees Valley Mayor Ben Houchen, who said: "We know what our region needs better than anyone, so by keeping all of the money from these investments in our region, rather than being in the hands of Whitehall to control, we’ll be able reinvest it to deliver on local development priorities.

“It’s a great cycle. As more businesses locate themselves here, we’ll have more funding to improve our towns, in turn attracting more companies, generating even more cash for regeneration.

"All the while, they’ll be creating the good-quality, well-paid jobs we need in our town centres, without a penny being paid by the taxpayer.

“This is chance to create town centres we can be proud of in Middlesbrough and Hartlepool by lowering taxes, simplifying planning and securing private sector investment even sooner.”

Independent Hartlepool Borough Council leader Councillor Shane Moore added: “Alongside our new mayoral development corporation this really is a game-changing announcement for Hartlepool.

“Ben and I will continue to build on the fantastic work that has already started and keep spreading the word that there has never been a better time to live, work and invest in Hartlepool.”

Hartlepool and Middlesbrough are two of 38 contenders nationwide.

The Department for Levelling Up, Housing and Communities will shortly set out the selection criteria to become an investment zone.

Announcing the scheme’s creation, Chancellor of the Exchequer Kwasi Kwarteng said: “We will streamline planning rules in specified sites, accelerating development for growth and housing and unlock job-creating infrastructure across the North East

“And we will cut taxes, with businesses in designated sites enjoying the benefit of tax reliefs.”