International cash sought to fund new towns in Essex

Liam Fox, the international trade secretary, has called on overseas investors to back with their cash a range of schemes in the UK including the construction of three new towns in Essex.

Fox (pictured) announced a £2.2bn portfolio of investment opportunities at Mipim, including three new “garden communities” to be built in north Essex over the next 50 years which would create more than 43,000 new homes.

Four local authorities are involved in the proposal: Braintree district council, Colchester borough council and Tendring district council, together with Essex county council.

The quartet established North Essex Garden Communities Ltd two years ago to progress the plans.

Fox said the 11 investment opportunities being unveiled would “satisfy the needs of every type of international investor.

“These developments will create more jobs and homes for our residents, delivering essential infrastructure.

“I am incredibly pleased my department, in conjunction with Homes England and MHCLG, have supported their launch,” Fox added.

A committed Brexiter, Fox has pushed the UK’s credentials as an investment destination ever since the EU referendum three years ago.

Yesterday Philip Hammond, the chancellor of the exchequer and Fox’s cabinet colleague, spelled out the consequences of the UK leaving the EU without a deal in place.

Hammond said the likely outcomes of a no-deal exit included rising unemployment and a “significant short- and longer-term blow” to the UK’s productivity.