Why Investment Zones could be a ‘life saver’ for businesses for Harrogate town centre

Announced last week as part of Chancellor Kwasi Kwarteng’s controversial Mini Budget, the Investment Zones initiative would see a range of measures to make doing business cheaper and building houses easier introduced in designated areas across Britain.

North Yorkshire County Council has confirmed it has begun 'early stage' talks with the Government to get involved with the 'Investment Zones' scheme, though it is keen to add that it could not yet confirm where any such zones could be introduced locally.

But Matthew Chapman, manager of Harrogate Business Improvement District (BID) said the economy of Harrogate town centre could benefit greatly from the scheme.

“If Harrogate town centre was to become an investment zone, then scrapping business rates could well lure new company’s and entrepreneurs to move into empty retail units, which would be good for the high street and the local economy," said Mr Chapman.

“For those small businesses that do pay business rates, a cut could be a life saver at this time.”

As well as cutting employment taxes, waiving stamp duty and scrapping business rates, the Investment Zones scheme sees the Government encouraging councils to take full advantage of streamlined planning rules for specific sites to boost investment and development – both commercial and residential.

But some on the Government’s own side are expressing reservations on the environmental impact.