Part of the South Hams and Plymouth could be earmarked for a government-backed scheme which will mean lower taxes for businesses and relaxed planning regulations for new developments. South Hams District Council agreed on Thursday to submit an expression of interest for the Plymouth and South Devon Freeport to become one of dozens of possible Investment Zones across the country.
The aim is to gain additional economic incentives for the Sherford, Langage and South Yard sites which form the Freeport project. But the move was only narrowly agreed by councillors after many said there was too little information to give it the go-ahead.
Investment Zones were announced by Chancellor Kwasi Kwarteng in September’s mini-budget. They aim to provide designated development sites which will release more land for housing and commercial development, and support accelerated development.