Combined authorities and devolved administrations proposing investment zones in their area must be able to show “a credible and ambitious” planning offer to accelerate development, the government has said.

Chancellor Jeremy Hunt today announced fresh plans for 12 investment zones which will benefit from tax breaks, clustered around research institutions such as universities. Their focus will be on growth in key areas as technology, creative industries, life sciences, advanced manufacturing and the green sector. The government has initially invited eight English combined authorities each backed by £80m to apply, with further areas set to be set up in the devolved administrations.