The Chancellor, using more than £70bn of increased borrowing, set out a package which included abolishing the top rate of income tax, cutting stamp duty for homebuyers and brought forward a cut to the basic rate of income tax.
“This country needs a serious plan to get jobs and investment into every nation and region, money back into people’s pockets and locally driven growth. Instead they’ve handed more money to millionaires than the whole North of England.”
Adam Hawksbee, the deputy director of the centre right Onward think tank, said there is a “real risk that this undermines levelling up” and that ministers need to make sure that they invest the proceeds of growth into the North.It’s understood that the focus of levelling up under Boris Johnson has now shifted in an effort to encourage economic growth, with new “low-tax investment zones” set to be agreed with local authorities across the country, at least five of which could be in Yorkshire.
These zones include benefits such as reduced business rates, reduced burdens on businesses and slashing of planning regulations, in the hope that growth will help surrounding areas. Writing for The Yorkshire Post today, the levelling up minister, Dehenna Davidson, said these zones were “levelling up in action”.
"Why can’t the next Silicon Valley be in Leeds? Why should the next life sciences hub not set up shop in Wakefield?,” she said, adding: “We want to give this region everything it needs to get on.”
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