Mid-market business leaders in Yorkshire are encouraged by the potential impact on Investment Zones, according to research from Grant Thornton.
In the firm’s latest Business Outlook Tracker survey, more than three quarters of business leaders in Yorkshire (76 per cent) said that the introduction of Investment Zones would help towards the government’s Levelling Up agenda, in comparison to the national average of 68 per cent.
A significant number of respondents cited that being located within one of the zones would help to support the local region, with factors such as job creation and skills development (80 per cent) and being beneficial to local businesses (80 per cent) cited.
More than three quarters (80 per cent) of Yorkshire business leaders believe that incentives, such as Stamp Duty Land Tax relief and 100 per cent Business Rates relief, have been focused on the right areas to encourage business investment. In addition, almost three quarters (71 per cent) also believe that being located within an Investment Zone would encourage businesses to stay within the local area.
The first Investment Zone was announced for South Yorkshire last week (14 July 2023), and West Yorkshire has also been shortlisted. In total, 12 Investment Zones are set to be established across the UK.
However, the survey also revealed that business leaders in Yorkshire believe that the 12 proposed locations are not completely adequate, with 74 per cent of business leaders believing that there should be more Investment Zones located in other areas in the UK.
Andy Wood, managing partner at Grant Thornton UK LLP in Yorkshire, said: “It’s clear business leaders in Yorkshire can envisage the benefits the extra funding will have on the region, which will hopefully help drive long-term economic growth and