LONDONJuly 24 – British Foreign Secretary Liz Truss will present plans on Monday to create a new loosely regulated investment zone and more free ports, stepping up her campaign to become Britain’s next prime minister.
Truss and former Treasury Secretary Rishi Sunak are fighting to replace Boris Johnson after a scandal-ridden uprising against his management forced him to say he would resign.
Truss is leading in opinion polls among members of the Conservative Party, who will appoint their new leader and become prime minister. He said his main goal was to boost growth at a time of rising inflation and a possible recession.
Truss said in a statement that he would establish how, if appointed prime minister, he would work with local communities to identify redevelopment sites for investment zones, or what his team described as free ports.
The zone will have a low tax burden to increase investment and construction, reduce planning restrictions and adjust regulations to promote “high-value industries” such as artificial intelligence.
“Instead, by creating this new investment zone, we will finally show businesses that we are committed to their future and incentivize them to spur investments that will help deliver returns for workers.”
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