South Devon interested in investment zone status

South Hams District Council has submitted an expression of interest

Part of south Devon has asked to be considered for becoming a government-backed investment zone.

South Hams District Council agreed to submit an expression of interest for the Plymouth and South Devon Freeport to become one.

The zones give lower tax rates for businesses, and relaxed planning regulations for new developments.

The aim is to gain economic incentives for the Sherford, Langage and South Yard sites in the Freeport project.

The move was only narrowly agreed by councillors after many said there was too little information to give it the go ahead, according to the Local Democracy Reporting Service (LDRS).

Investment Zones were announced by the then Chancellor Kwasi Kwarteng in September's mini-budget and aim to provide designated development sites that will release more land for housing and commercial development, and support accelerated development.

At the South Hams Special Council meeting on Thursday, council leader, Judy Pearce said: "It will deliver the seed capital grant from government of £25m for essential infrastructure.

"It will include £29m of investment from local councils that will be paid back by the business rates that go back into the sites.

"It will support a new £30m innovation centre at Oceansgate.

"It will deliver 3,500 jobs and will enhance available business benefits and incentives over a longer time period."