Spring budget: Chancellor Jeremy Hunt to announce 12 new investment zones to ‘supercharge’ hi-tech growth
Chancellor Jeremy Hunt will use his first budget to set out plans for 12 new investment zones to “supercharge” growth in hi-tech industries.
The government said the scheme, which is backed by £80m of investment over five years in each of the new high-growth zones, is designed to accelerate research and development in the UK’s “most budding industries”.
Each of the new investment zones will be clustered around a university or other research institution, the Treasury said, bringing growth to areas which have traditionally underperformed economically.
They will be focused on one of a series of key sectors: technology, creative industries, life sciences, advanced manufacturing and the green sector.
Eight areas in England have been shortlisted: the East Midlands, Greater Manchester, Liverpool, the North East, South Yorkshire, the Tees Valley, the West Midlands and West Yorkshire.
The government is also in discussions with the devolved administrations over how investment zones can be established in Scotland, Wales and Northern Ireland to account for the final four locations.
Mr Hunt will also set out plans to accelerate the growth of “high-potential innovation clusters” in Glasgow, Greater Manchester and the West Midlands with £100m of investment in 26 “transformative” research and development projects.
The chancellor said: “True levelling up must be about local wealth creation and local decision-making to unblock obstacles to regeneration.
“From unleashing opportunity through new investment zones, to a new approach to accelerating research and development in city regions, we are delivering on our key priority to supercharge growth across the country.”
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What could be in the spring budget?
Tory and Labour mayors welcome announcement
The announcement was welcomed by both Labour and Conservative regional mayors.
Tracy Brabin, the Labour mayor of West Yorkshire, said: “West Yorkshire has a strong and thriving economy, and I’m pleased the government has recognised the strength of our innovation by choosing to work with us to deliver an investment zone.
“It will provide further opportunities for people across the region, as well as our world-leading higher educational facilities, building on our expertise in digital, technology, and health and life sciences.”
Ben Houchen, Tory Tees Valley mayor, said he was “incredibly supportive of this proposal”, a sentiment echoed by Tory West Midlands leader Andy Street and Labour mayor of South Yorkshire, Oliver Coppard.
“Super high-IQ revolutionaries” who are willing to work 80+ hours a week are being urged to join Elon Musk’s new cost-cutting department in Donald Trump’s incoming US government.
The X and Tesla owner will co-lead the Department Of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy.
And in a post on X, the official DOGE account put out a call to arms for people to sign up and help “dismantle government bureaucracy”.
The post said: “We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE.
“We don’t need more part-time idea generators.
“We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.
“If that’s you, DM this account with your CV. Elon & Vivek will review the top 1% of applicants.”
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Elon Musk speaking at an event held at Donald Trump’s Mar-a-Lago estate. Pic: AP Photo/Alex Brandon
In a reply to an interested party, Mr Musk suggested the lucky applicants would be working for free.
“Indeed, this will be tedious work, make lost of enemies & compensation is zero,” the world’s richest man wrote.
“What a great deal!”
When announcing the new department, President-elect Donald Trump said Mr Musk and Mr Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.
Mr Musk has previously made clear his desire to see cuts to “government waste” and in a post on his X platform suggested he could axe as many as three-quarters of the more than 400 federal departments in the US, writing: “99 is enough.”
At least 10 people have been killed after a fire broke out at a retirement home in northern Spain in the early hours of this morning, officials have said.
A further two people were seriously injured in the blaze at the residence in the town of Villafranca de Ebro in Zaragoza, according to the Spanish news website Diario Sur.
Two people remain in a critical condition following the blaze. Pic: AP
They remain in a critical condition, while several others received treatment for smoke inhalation.
Firefighters were alerted to the blaze at the residence – the Jardines de Villafranca – at 5am (4am UK time) on Friday.
Several residents were treated for smoke inhalation. Pic: AP
Those who were killed in the fire died from smoke inhalation, Spanish newspaper Heraldo reported.
The residence is home to 82 elderly residents.
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The blaze started in one of the rooms, Fernando Beltran, the national government’s top official in the region, told reporters.
All of the victims were elderly residents, he added.
Relatives wait for news outside the care home. Pic: AP
Fire crews, paramedics and police officers remain on site, said a spokesperson for the regional government of Aragon who confirmed the fatalities.
It took firefighters several hours to extinguish the blaze, they said.
The cause of the fire is unknown and is being investigated.
At least 10 people have been killed after a fire broke out at a retirement home in northern Spain in the early hours of this morning, officials have said.
A further two people were seriously injured in the blaze at the residence in the town of Villafranca de Ebro in Zaragoza, according to the Spanish news website Diario Sur.
Two people remain in a critical condition following the blaze. Pic: AP
They remain in a critical condition, while several others received treatment for smoke inhalation.
Firefighters were alerted to the blaze at the residence – the Jardines de Villafranca – at 5am (4am UK time) on Friday.
Several residents were treated for smoke inhalation. Pic: AP
Those who were killed in the fire died from smoke inhalation, Spanish newspaper Heraldo reported.
The residence is home to 82 elderly residents.
Read more from Sky News:
Mass displacement in Gaza – people unsure where to go
Donald Trump picks vaccine sceptic as health secretary
Keep up with all the latest news from the UK and around the world by following Sky News
The blaze started in one of the rooms, Fernando Beltran, the national government’s top official in the region, told reporters.
All of the victims were elderly residents, he added.
Relatives wait for news outside the care home. Pic: AP
Fire crews, paramedics and police officers remain on site, said a spokesperson for the regional government of Aragon who confirmed the fatalities.
It took firefighters several hours to extinguish the blaze, they said.
The cause of the fire is unknown and is being investigated.
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