Mini-budget: Essex could see business tax cuts and 'streamlined' housing

As part of Chancellor Kwasi Kwarteng's Autumn 'mini-budget', he unveiled plans to create "investment zones" across the country.

The Government says areas hosting investment zones will benefit from lower taxes for businesses and accelerated housing and commercial development.

• READ MORE: Priti Patel says mini-budget will be welcomed by Essex families

Businesses in designated sites will benefit from time-limited tax benefits, while more land will be released for development.

The need for planning applications will be minimised at "designed development sites", with the Government saying where applications remain necessary, "they will be radically streamlined".

• READ MORE: Business chamber welcomes cutting of planning red tape in Chancellor's budget

Essex County Council said it will begin talks with the Government and prepare an expression of interest to be submitted later in the year.

The council's planning boss Lesley Wagland said: "Essex has two international airports, ports of global importance, a cutting-edge technology sector and two world-class universities.

"The county is uniquely positioned to drive investments and growth for the benefit of all our residents.

“Our Everyone’s Essex strategy established our plan for levelling-up the county and we have identified, with very good quality evidence, the sectors that will deliver economic growth in Essex.

"Today’s announcement will allow us to explore ways to close gaps in economic outcomes across the county.”

In his statement, the Chancellor also abolished the top rate of income tax for the highest earners as he spent tens of billions of pounds in a bid to drive up growth to ease the cost of living crisis.

He axed the cap on bankers’ bonuses, arguing tax cuts are “central to solving the riddle of growth”.

He scrapped the 45 per cent higher rate of income tax and brought forward the planned cut to the basic rate to 19p in the pound a year early to April.

Mr Kwarteng also revealed his estimate that the two-year energy bills bailout will cost around £60 billion over its first six months from October.

The package enacting Liz Truss’s tax-cutting promises, including reversing the national insurance rise and axing the hike to corporation tax, came a day after the Bank of England warned the UK may already be in a recession.