A new government initiative to establish areas of low-tax and low-regulation for businesses has been met with mixed reactions from firms across the county.

Last week, Suffolk County Council announced they had been invited to the first wave of talks surrounding the formation of 'investment zones' – plans drawn up by Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng as part of their 'mini-budget' in a bid to drive growth and boost wealth for local regions.

Under the plans being drawn up by Downing Street, which will eclipse the existing 'freeport' programme, businesses within these zones will see low taxes and fewer regulations.

"I don't see how this will help small businesses," said Steve Gardner, landlord of The Gardners pub in Tostock, Bury St Edmunds.

%image(15868849, type="article-full", alt="Steve Gardner, owner of The Gardners in Tostok said he doesn't see "how this will help small businesses"")

"This and the entire mini-budget that was announced last Friday just totally ignores us.

"I don't understand the logic.

"If you give tax breaks to big business, you're not helping local firms because the money never trickles down like this government thinks it will.

"At this rate, small businesses will all go under because we've got rising costs, decreased footfall and we just can't afford to keep going.

"You need to support local firms so that the big boys can survive as well.

"If you look after the acorns, then the oak tree will grow."

Steve Britt is the owner of Anchor Storage, a warehousing company based in Debenham.

"If these investment zones help level the east up with the rest of the country, then I'm all for it," he said.

"This area has become renowned for not getting its fair share.

%image(15868853, type="article-full", alt="Steve Britt, owner of Debenham-based Anchor Storage, said: "If these investment zones help level the east up with the rest of the country, then I'm all for it"")

"I'm feeling pretty positive about the entire budget and I'm looking forward to seeing more tax cuts."

It is believed nearby areas including Norfolk and Southend are also in the running to set up zones in specific sites.

Under the plans, it is hoped new jobs, investment and housing can be established while planning rules will also be streamlined in a bid to increase the speed of developments.

However, Dave Courteen, managing director of Mosaic, owners of Riverhills Health Club and Spa in Bramford, was sceptical about the initiative.

"This might be helpful for some industries, but it doesn't offer solutions for us," he said

"We need action on staff shortages, not the creation of new jobs.

%image(15868855, type="article-full", alt="Dave Courteen, managing director of Mosaic, owners of Riverhills Health Club and Spa in Bramford")

"We're still in recovery from the pandemic and we can't fill existing roles.

"So for fitness and hospitality, this is the wrong tactic."