The Tees Valley is set to become one of the first areas in the UK to pilot new economy-boosting Investment Zones designed to boost growth.

The Chancellor of the Exchequer Kwasi Kwarteng is expected to make the announcement in the Government’s Growth Plan.

Middlesbrough and Hartlepool are set be the first two areas put forward by the Tees Valley Mayor Ben Houchen to benefit, and the Mayoral Development Corporations for each town will be up and running by the end of the year.

Investment Zones aim to boost development, investment and job creation by applying similar tax incentives for businesses to those found in Freeports.

They are designed to increase investment incentives while cutting red tape.

As it currently stands, half of the business rates go to local authorities, with the remaining half going to central Government.

The 38 areas in discussion to become an investment zone are:

– Blackpool Council
– Bedford Borough Council
– Central Bedfordshire Council
– Cheshire West and Chester Council
– Cornwall Council
– Cumbria County Council
– Derbyshire County Council
– Dorset Council
– East Riding of Yorkshire Council
– Essex County Council
– Greater London Authority
– Gloucestershire County Council
– Greater Manchester Combined Authority
– Hull City Council
– Kent County Council
– Lancashire County Council
– Leicestershire County Council
– Liverpool City Region
– North East Lincolnshire Council
– North Lincolnshire Council
– Norfolk County Council
– North of Tyne Combined Authority
– North Yorkshire County Council
– Nottinghamshire County Council
– Plymouth City Council
– Somerset County Council
– Southampton City Council
– Southend-on-Sea City Council
– Staffordshire County Council
– Stoke-on-Trent City Council
– Suffolk County Council
– Sunderland City Council
– South Yorkshire Combined Authority
– Tees Valley Combined Authority
– Warwickshire County Council
– West of England Combined Authority
– West Midlands Combined Authority
– West Yorkshire Combined Authority