The UK will “change its approach” to investment zones, shifting the focus to research and development in universities, Britain’s Chancellor Jeremy Hunt has said.
The policy, which was introduced by former UK Prime Minister, Liz Truss, proposed low-tax investment zones in a bid to boost UK economic growth.
At the time of the launch in September, former British chancellor Kwasi Kwarteng said the zones would offer sweeping tax cuts and loose planning rules.
Local authorities raced to submit their applications by an October 14 deadline, but six days later Truss resigned.
Sources had suggested Mr Hunt was planning to scrap the policy. He has now confirmed the “approach” will change.
Addressing the Commons during a speech to announce the autumn statement, the Chancellor said: “To spur competition, I have listened to requests from businesses and I'm removing import tariffs on over 100 goods used by UK businesses in their production processes, from car seat parts to bicycle frames.
“I will also change our approach to investment zones which will now focus on leveraging our research strengths, to help build clusters for our new growth industries.”
During Ms Truss's premiership, the Treasury calculated the investment zones could cost up to £12 billion ($13.85 billion) in lost tax revenue each year — if a strict cap was not placed on the number — because they would subsidise economic activity that would happen anyway.
The autumn statement said the new plan for the programme will “catalyse a limited number of the highest potential knowledge-intensive growth clusters, including through leveraging local research strengths”.
“The Department for Levelling Up, Housing and Communities will work closely with mayors, devolved administrations, local authorities, businesses and other local partners to consider how best to identify and support these clusters, driving growth while maintaining high environmental standards, with the first clusters to be announced in the coming months,” said the statement.
“The existing expressions of interest will therefore not be taken forward.”
The announcement was part of a raft of measures announced in the statement, which included a package of £30 billion spending cuts and £24 billion tax rises over the next five years to help address the UK’s fiscal deficit.
They include an increase in the windfall tax on oil and gas giants, from 25 per cent to 35 per cent, and a 45 per cent levy on electricity generators.
The threshold at which the top rate of income tax is paid will be reduced from £150,000 to £125,140.
Other measures include state pensions increasing in line with inflation in April, the “biggest ever cash increase in the state pension,” while the defence budget will be maintained at least 2 per cent of gross domestic product (GDP).
Mr Hunt confirmed the economy is set to shrink by 1.4 per cent next year after the fiscal watchdog, the Office for Budget Responsibility, slashed growth forecasts amid rampant inflation.
GDP will fall in 2023 by 1.4 per cent, before rising by 1.3 per cent, 2.6 per cent and 2.7 per cent in the next three years, he predicted.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
UAE currency: the story behind the money in your pockets
