Recommendations & Conclusions
12 items
1
Conclusion
Fourth Report - Performance of investme…
The publication of detailed sub-national statistics on regional public investment would facilitate meaningful analysis, scrutiny and discussion of regional inequality by Parliament, civil society and the public. The publication of such statistics would allow Parliament to compare the investment in freeports and investment zones with other investments in the economy. …
Department for Business and Trade
2
Conclusion
Fourth Report - Performance of investme…
The economic impacts and benefit-to-cost ratio of freeports and investment zones will be difficult to estimate. However, the approach taken by Government will still provide some information on the programme impact on various outcomes. It will allow sharing of best practice between freeports, and provide lessons learned for future policy …
Department for Business and Trade
3
Recommendation
Fourth Report - Performance of investme…
The Government must publish the eventual evaluation reports of freeports and investment zones and, where possible, the data used, including detailed local data. In the meantime, the dashboards being created to monitor freeports should be published, with commercially sensitive information redacted, if required.
Department for Business and Trade
4
Recommendation
Fourth Report - Performance of investme…
To improve transparency and to facilitate accurate cost-benefit analyses of freeports and investment zones, the Government must publish quantitative assessments of the impact of freeports and investment zones on employment, investment and trade alongside the Freeports Annual Report (see paragraph 54). Those assessments should include a clear explanation of their …
Department for Business and Trade
5
Conclusion
Fourth Report - Performance of investme…
Freeports and investment zones are examples of active, place-based industrial policy by Government, which account for approximately 0.2% of spending on economic affairs. They may attract additional investment and jobs to the areas in which they are located. The critical factors determining success will be long-term political commitment, delivery co-ordination …
Department for Business and Trade
6
Conclusion
Fourth Report - Performance of investme…
Given the relatively small scale of public investment and the long-term time horizon of potential gains, freeports and investment zones need long-term political commitment by central Government. Cancelling those policies would create policy uncertainty and instability with knock-on impacts on investment confidence. (Paragraph 35) 30 Performance of investment zones and …
Department for Business and Trade
7
Conclusion
Fourth Report - Performance of investme…
Six challenges must be addressed to allow freeports and investment zones to achieve their full potential: (a) prioritised access to energy; (b) extended planning freedoms; (c) access to enhanced skills; (d) improved customs arrangements; (e) connection to wider government economic security policies, including the potential of relocation incentives for smaller …
Department for Business and Trade
8
Conclusion
Fourth Report - Performance of investme…
All parts of England should have a tier of government between local and national government, such as Metro Mayors. Devolution should continue to be rolled out with regions given new powers to drive growth and to champion their areas.
Department for Business and Trade
9
Conclusion
Fourth Report - Performance of investme…
All freeports and investment zones should be linked to a single regional leader, such as a Metro Mayor, who should be held accountable for regeneration projects and link national and local government. Ministers should consider how best to include Metro Mayors on the new Ministerial Investment Group created as a …
Department for Business and Trade
10
Recommendation
Fourth Report - Performance of investme…
The Government must enhance scrutiny and audit of mayoral combined authorities. Improvements could include making additional funding provided to combined authorities conditional on high attendance and engagement with scrutiny meetings or piloting local audit account committees.
Department for Business and Trade
11
Recommendation
Fourth Report - Performance of investme…
In line with the Nolan principle of openness, the Government must (a) publish and (b) require adherence to guidelines on communications and transparency by freeports and investment zones. Those guidelines should ensure that regular updates on the progress of freeports and of investment zones are available to the public. Such …
Department for Business and Trade
12
Conclusion
Fourth Report - Performance of investme…
The Department for Levelling Up, Housing and Communities must ensure that the Freeports Annual Report 2023 is published forthwith to allow Parliament and the public to judge the progress made on the freeports agenda. It must commit to publishing a similar annual report describing progress on investment zones, when investment …
Department for Business and Trade