Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, Pursuant to the answer of 5 September 2024 to Question 2635 on Ministry of Housing, Communities and Local Government: Public Expenditure, what the policy reasons were for cancelling the Investment Opportunity Fund and the associated support for private investment in Investment Zones and Freeports cancelled.

Economic growth is the number one mission of this government. The government has committed to delivering productivity growth in every part of the country, making everyone, not just a few, better off. As part of this, government will work in partnership with local leaders to develop ambitious, long-term Local Growth Plans reflecting their local strengths and opportunities to support the national growth mission and new Industrial Strategy.

Immediate action to fix the foundations of the economy is the only way to rebuild Britain and make every person and every part of the country better off. We are being honest about those schemes that we cannot afford to deliver so that we can fix the foundations of our economy, drive domestic growth and pool investment into the country by addressing spending pressures and repairing the public finances.

The Investment Opportunity Fund, which was launched at Autumn Statement 2023, had yet to provide support to any projects.