Kwasi Kwarteng will reportedly on Friday announce plans for a number of low-tax investment zones, which would see planning rules and other regulations eased to boost development.

The chancellor is widely expected to include plans for the new zones in Friday’s tax-cutting “mini-budget”.

According to the Guardian, planning regulations will be relaxed in up to 12 places earmarked investment zone status. The West Midlands, the Thames estuary, the Tees Valley, West Yorkshire and Norfolk are among the places where the zones may be sited.