Bassetlaw Council welcomes 'unthinkable' investment zone benefits as plans progress
The economic benefits a new Government-backed investment zone will bring to Bassetlaw would have been ‘unthinkable’ previously, the council leader says.
A proposed fusion power station at West Burton near Retford is one of the key sites in the East Midlands Investment Zone.
Nottinghamshire and Derbyshire were chosen as one of 12 Government Investment Zones in the spring budget.
They will get special tax rules and regulations to boost economic growth.
The joint proposals are now coming before councils as the details are ironed out.
The second stage of the five-part plans were welcomed by the council’s cabinet during a meeting on November 28 with the authority’s leader Coun James Naish (Lab) hailing the benefits to the area.
He said: “This is a significant change to the way we do business.
“Eighteen months ago, the idea that we would be part of this would have been unthinkable.”
The world’s first fusion project – technically known as the Spherical Tokamak for Energy Production (STEP) – aims to be operational by the 2040s.
The Centre of Excellence for Modern Construction in Worksop is also a proposed tax incentive site, along with Infinity Park in Derby and Hartington Staveley in Chesterfield.
Coun Nash continued: “The STEP will enable us to be in a different type of conversation.
“It will be at the heart of the investment zone, even though it’s at an early stage.
“There are other sites we can deliver in short term – the Worksop site can be moved forwards immediately.”
He referenced London’s controversial emissions zones as he joked: “Growth will be so rapid we will need an ULEZ charge.”
The cabinet approved progression to the next stage of the investment zone development, with further reports due in the future.
The Government is offering tax relief bonuses for investment zones including breaks on business rates, stamp duty and employer National Insurance contributions.
The STEP programme is led by the UK Atomic Energy Authority (UKAEA), and will replace a coal-fired power station, West Burton A, which closed earlier this year.
West Burton B is a gas-fired station which is still operating.