Simon Baynes, the Member of Parliament for Clwyd South, has welcomed the Chancellor of the Exchequer’s announcement today that Wrexham, Clwyd South and Flintshire have been confirmed as the site of a new Investment Zone. Mr Baynes represents half of the Wrexham County Borough Council in his Clwyd South constituency.
The announcement came as part of the Chancellor’s Autumn Statement on Wednesday, 22nd November. The Chancellor confirmed that the area will be the second such Investment Zone in Wales, with Wrexham and Flintshire chosen following representations made by Mr Baynes and the Member of Parliament for Wrexham, Sarah Atherton MP. The Chancellor also confirmed he will be visiting the area tomorrow to celebrate the news.
Investment Zones were first announced by the UK Government last year. They are designated geographic areas where government, industry and research institutes collaborate, with tax and regulatory rules designed to promote economic growth. During his Autumn Statement, the Chancellor also confirmed that the financial incentives for Investment Zones would be increased from five years to ten years. He also confirmed that he would establish a £150 million Investment Opportunity Fund to catalyse investment into the programme.
Mr Baynes has been a keen champion of the cause for a North East Wales based Investment Zone, having previously raised such a proposal with the Chancellor of the Exchequer in Treasury Questions in the House of Commons last year and again on Tuesday, 5th September this year. The Investment Zone is the latest in a series of announcements by the UK government since 2019 which will see further direct investment in Clwyd South, following on from the UK government’s Clwyd South Levelling Up Fund of £13.3 million.
Speaking after today’s announcement, Mr Baynes said:
“I am delighted by the Chancellor’s announcement that the UK government will establish an Investment Zone in Wrexham and Flintshire, particularly given that I represent in Clwyd South half of Wrexham County Borough Council. The proposal will see millions invested into the region by the UK government over the next ten years, providing direct benefit to businesses and constituents in Clwyd South. I am proud to be part of a government that has delivered, and will continue to deliver, for the people of Clwyd South for years to come.”