Investment is a safe bet in Yorkshire, unlocking new opportunities across some of the North’s busiest towns and cities - Gareth Davies

Alongside this, we extended the 5p cut in fuel duty saving drivers £50 a year and have kept the freeze on alcohol duty.

But to be able to lower taxes further, we need to grow the economy. That’s why we announced investment in some of the UK’s most exciting sectors. That includes £1bn of support for our creative industry – from film and tv studios, to theatres and orchestras.

And we’re also investing in South Yorkshire, strengthening business opportunities in Sheffield, Rotherham, Doncaster and Barnsley by agreeing plans for its new Investment Zone this Spring. As someone who hails from Yorkshire, this development fills me with immense pride and a deep sense of personal investment in the area’s success.

Paying a visit to the area last week following the Budget, the Prime Minister spoke to people in Maltby, Doncaster, Ossett, Huddersfield and Liversedge about how the government is sticking to its economic plan and delivering a brighter future for the country. South Yorkshire’s Investment Zone will help scale up businesses in the advanced manufacturing sector, supporting innovation and is expected to deliver over 8,000 new high-skilled jobs for residents across these great towns and cities.

As a catalyst for economic growth, it could unlock around £1.2bn of new investment, providing a huge boost for local businesses harnessing cutting-edge technologies.

But it’s not just South Yorkshire that will benefit. West Yorkshire’s Investment Zone focussed on HealthTech and Digi Tech will see a new clinical research facility in Huddersfield while Leeds' Old Medical School will be refurbished. New digital technology projects will also be delivered in Bradford's Knowledge Quarter, and spin-outs, start-ups and existing businesses will be supported to grow through business support and enhanced access to finance. With over 600 life sciences companies, 250 MedTech firms and over 90 digital health enterprises, West Yorkshire is a place where ideas come to fruition and innovative products and solutions are tested, embedded and scaled locally and internationally. We know that more investment is a safe bet in Yorkshire, unlocking fantastic new opportunities across some of the North’s busiest towns and cities. All while opening the door to more advanced skills and technology that will power the sectors for a healthier and more prosperous future.

And we aren’t stopping there. There are plans for four further Investment Zones in Greater Manchester, Liverpool, West Midlands and the Northeast of England - with 13 in total across the UK. They are an important part of our plan to grow our economy, bringing in jobs and investment and delivering the long-term change our country needs to deliver a brighter future for Britain.

Gareth Davies is the Exchequer Secretary to the Treasury.