Kwasi Kwarteng has announced the creation of low-tax, low-regulation investment zones in his mini-budget today.

The Government is in talks with dozens of local authorities in England to set up zones, with Southend City Council and Essex County Council among the 38 authority areas in discussion to become an investment zone.

Under a new initiative, each “investment zone” will offer “generous", targeted and time-limited tax cuts for businesses, which the government hopes will increase productivity and create new jobs.

The Government website says "investment zones" will also benefit from accelerated development, with designated development sites to both release more land for housing and commercial development.

It is understood the need for planning applications will be "minimised" and where planning applications remain necessary, they will be "radically streamlined". 

During the Tory leadership campaign, Prime Minister Liz Truss said investment zones would be central to her plan to boost growth.

More details on how areas can bid to take part will be set out by the Department for Levelling Up.

The Government is also considering converting the post-Brexit freeports introduced by Boris Johnson into investment zones, where further deregulation is expected.