Inside Greater Manchester's 'Investment Zone' talks - from affordable housing to job 'poaching'

Political leaders in Greater Manchester are in talks with the Government over a so-called low-tax 'Investment Zone', a concept set to be unveiled later today (Friday) as part of an emergency mini-budget.

Chancellor Kwasi Kwarteng is set to promise a 'new era for Britain' with a package of more than 30 measures to tackle high energy bills, drive down inflation and cut taxes to drive growth. Under the new initiative, the Government says each Investment Zone will offer time-limited tax cuts for businesses and encourage investment in new shopping centres, restaurants, apartments and offices.

But initial fears around possible 'destabilising effects' a zone could bring on other areas, together with concerns over 'poaching' of businesses and jobs from the city region by another area awarded a zone, have been voiced by town hall leaders and flagged with the Government. It's understood they also have worries affordable housing could be overlooked.

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Greater Manchester Combined Authority is understood to be among 38 UK areas in talks about whether they will become an Investment Zone. Civic leaders here are said to be 'open-minded' and willing to engage with the concept as exact detail emerges and is refined.

Outlining what exactly is involved and how zones would work, Dr Gordon Fletcher, an expert in retail business at the University of Salford Business School, told the Manchester Evening News investment zones were are an extension of the 'freeport' idea that gained popularity with Boris Johnson post-Brexit.

He said: "The zone has a core where the costs of doing business and other barriers, such as planning requests, would be freed up. In