Council leader frustrated that Banbury cannot now be considered for Government's controversial 'Investment Zones'

Cherwell's council leader says he is frustrated that Banbury cannot now be considered for one of the Government's controversial 'Investment Zones'.

This is because Oxfordshire County Council (OCC) has declined to submit Expressions of Interest for Investment Zones (IZs) in the county, a decision that Cherwell District Council (CDC) leader Cllr Barry Wood described as 'both deeply disappointing and a missed opportunity'.

The IZs were announced by the Government during their 'mini budget' in September. These areas would operate to different standards when it comes to special tax benefits and different planning processes, in a move the government says would attract investment and boost jobs.

But the concept of IZs has sparked alarm from those who see them as setting a dangerous precedent in allowing some parts of the country to operate differently from the rest.

However, Cllr Wood believes that they would benefit the Banbury area - and had already started putting forward his case for an IZ in the Cherwell district, before OCC's announcement.

“Cherwell District Council (CDC) is very interested in submitting an Expression of Interest, as growth and investment are key priorities for the council, but under the formal process this has to be made via the county council, which will now not be possible," he said.

"A great deal of work has gone in to preparing our submission, which makes today’s decision by OCC even more frustrating. How OCC can wait until today to make this bizarre decision is beyond me, especially when they knew how much work was going into CDC’s and other district councils’ submissions for this week’s deadline."

Cllr Wood added: “On hearing of OCC’s decision, I immediately wrote to the Secretary of State for Levelling Up, Housing, and Communities explaining that CDC does not agree at all with OCC’s position.

"We will be looking at alternative ways of expressing our interest in bringing Investment Zones to Cherwell. We believe in bringing the right jobs and economic growth to our district, and will make every effort to do so despite today’s unhelpful and unnecessary decision.”