Chancellor says Banff and Buchan’s reputation as global centre of excellence for energy and food and drink will be enhanced after investment zone selection

The Chancellor has said Banff and Buchan’s reputation as a global centre of excellence for energy and food and drink will be enhanced after the North East was selected as one of the first investment zones in Scotland.

Jeremy Hunt spoke of how up to £80 million in targeted investment, tax reliefs and other incentives over five years, coupled with the recent Track 2 funding award for the Acorn Project at St Fergus, will greatly benefit the area.

In the House of Commons, Banff and Buchan MP David Duguid asked the Chancellor to confirm that the award will lead to more innovation to promote key industries across his constituency.

The North East Investment Zones aim to boost the economy, stimulate business growth and create high-quality, well-paid jobs. The model is designed to support innovation in sectors such as net zero, digital and life sciences. There will be a strong emphasis on fair work, mirroring the arrangements for Freeports.

xx

Mr Duguid asked: “The North East has long been an exemplar of innovation in the fields of food and drink and energy. Can The Chancellor confirm that the North East Scotland investment Zone will lead to more innovation to promote these key industries including my constituency of Banff and Buchan?”

Mr Hunt responded: “I know the Acorn CCUS project is based in St Fergus in the North East of Scotland region which is one of two eligible areas, and has been a long standing global centre for excellence in clean energy.”