New Investment Zone for the region welcomed

West and North Yorkshire Chamber of Commerce has welcomed a new Investment Zone for the region.

Focused on Huddersfield, Bradford and Leeds, the initiative could create more than 2,500 new jobs over five years across the region and unlock over £220 million of investment.

As a result of the Investment Zone, revamped sites specialising in health tech and digital will open up around West Yorkshire, unlocking over 2,500 jobs and over £220 million of investment across the region over the next five years.

This can be used flexibly between spending on interventions such as skills, research and development and local infrastructure, dependent on local need, and tax incentives such as 100 per cent Stamp Duty Land Tax relief, an enhanced structures and buildings allowance at a rate of 10 per cent per annum, an enhanced 100 per cent first-year capital allowance, employer National Insurance Contributions relief, and 100 per cent business rates relief.

Amanda Beresford, chair of West & North Yorkshire Chamber of Commerce, said: “The announcement of a new Investment Zone for West Yorkshire has the potential to make an incredibly positive difference to our region.

“The project plans to create more than 2,500 jobs across Bradford, Huddersfield and Leeds and to unlock more than £220 million of investment.

“The mixture of funding and tax relief is exactly what our region’s economy needs after such a challenging few years.

“Given how much West Yorkshire is leading on life sciences, the focus on this sector is hugely welcome.”