Recommendation 14

We heard that an Investment Zone expression of interest costs in the region of £50,000 for one application. Since the Government’s Growth Plan 2022, little to no updates have been provided on the future of Investment Zones until the Budget in March 2023. Although we welcome the Government’s decision to re-open the application process, the DLUHC has limited who can apply. The regions eligible are all Mayoral Combined Authorities (MCA).This raises concerns about the opportunities to level up for areas that do not have an MCA. The Government has also significantly reduced the number of Investment Zones to 12 after receiving nearly 100 applications for the first iteration of the Investment Zone policy. The Government has also not provided any update or compensation for those who wasted resources applying for the original Investment Zones policy.