West Yorkshire has secured its position as the UK’s third investment zone, aiming to bolster business support for the region’s life sciences and health tech industries.
The government’s announcement, made prior to the Autumn Statement, outlined plans that could potentially generate over 2,500 jobs within the next five years, unlocking a substantial £220 million in investment.
The initiative includes tax relief and other business incentives for the 600-plus life sciences companies based in the area. The West Yorkshire investment zone will center around universities and business clusters in Leeds, Bradford, and Huddersfield.
Chancellor Jeremy Hunt stated, “It will mean thousands more jobs in the exciting industries of the future backed up by better infrastructure, and communities to be proud of.” Additionally, Hunt revealed an extension of the investment zone period in England from five to 10 years, with discussions ongoing with Scottish and Welsh governments for a similar extension.
Collaborating with the West Yorkshire Combined Authority and local authorities, the government aims to implement the life sciences investment zone. West Yorkshire Mayor Tracy Brabin expressed confidence in the success of devolution for the region, emphasizing the government’s acknowledgment through this investment zone.
Brabin remarked, “This investment is a massive vote of confidence in our top-tier universities and talented graduates and will help our mission to build a stronger, brighter region that works for all.”
Businesses within the investment zones will enjoy various benefits, including 100% Stamp Duty Land Tax relief, 100% business rates relief, and an enhanced 100% first-year capital allowance.
The government plans to unveil revitalized health tech sites across West Yorkshire, leveraging the region’s established strength in life sciences and health tech. Leeds, for instance, hosts NHS Digital, the IT and data division of the UK health service, and boasts a thriving health tech ecosystem, featuring startups like Eventum Orthopaedics.
Stuart Clarke MBE, Director of Leeds Digital Festival, commented on the positive impact of the investment, saying, “Health tech is a sector that the region excels in, and this extra investment will help local tech firms continue to make a massive difference to people’s lives globally.”
The initiative is part of a broader plan introduced by former Prime Minister Liz Truss last year and retained by Chancellor Jeremy Hunt, with nearly £1 billion in funding announced in the spring budget. West Yorkshire joins the ranks of 12 investment zones across the UK, following South Yorkshire, which was named the first investment zone in July, focusing on advanced manufacturing.
