Refocus of Investment Zones 'good news' for Oxfordshire, says planner

The chancellor of the exchequer's announcement that Investment Zones funding would be redirected towards "knowledge-intensive growth clusters" is good news for Oxfordshire, according to planning and development expert Carter Jonas.

While Jeremy Hunt's Autumn Statement announcement has been criticised by many – including local councils that had filed expressions of interest in the programme under the levelling up strategy – the refocus will benefit the Oxfordshire science cluster, according to Head of Planning & Development for the south and south west Steven Sensecall.

"The Government is intending to refocus the Investment Zones programme and to use this initiative to “catalyse a limited number of the highest potential knowledge-intensive growth clusters,” noted Steven.

"Despite what it describes as 'a time of significant challenge for the UK and global economy,' the Government is intending to increase spending in R&D by a third.

"This change in direction on Investment Zones and increase in spending on R&D bodes well for Oxfordshire, which has been described as the UK’s ‘Innovation Engine’.

"Harwell Campus, ARC Oxford, and Culham Science Centre are cornerstones of the Oxfordshire science cluster, are bringing forward globally significant science & technology related development."

The first clusters are set to be announced ‘in the coming months’.

Investment zones – aimed at enticing businesses with tax cuts and relaxed planning rules – were introduced by Jeremy Hunt’s predecessor Kwasi Kwarteng in his ill-fated mini-budget just under two months ago.