West Yorkshire is to be home to the country’s third Investment Zone, which is to be focused on Leeds, Bradford and Huddersfield.
West Yorkshire was confirmed as England’s third Investment Zone, one of 12 zones across the UK, and is intended to provide tax relief and other business incentives for the community.
The investment looks at boosting ambition to deliver innovation that creates a healthier, greener and inclusive future for the region.
Government officials have claimed the decision could create 2,500 jobs over the next five years and unlock £220m of investment.
In Leeds, the investment in digital and healthtech will accelerate plans for the city’s Innovation Arc, kickstarting the development of the Innovation Village on the Leeds General Infirmary site.
Councillor James Lewis, Leader of Leeds City Council, said: “Securing an investment zone for West Yorkshire with a focus on life sciences is fantastic news for Leeds because of our internationally-recognised pedigree in delivering innovation in the healthtech sector.
“Further investment in this area will allow us to build on the achievements of the many successful businesses within this sector which are based in our city, providing more opportunities for inclusive and economic growth which will benefit our residents and wider communities across the region.”
West Yorkshire Mayor Tracy Brabin said: “We know that devolution is working for West Yorkshire and this new investment zone is further recognition of that from the government.
“Home to NHS England, our region’s digital and health tech businesses are driving forward innovation and transforming the lives of patients worldwide.
“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.”
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Featured image – Leeds City Council
