If successful, it could mean city residents pay less in personal taxes, planning rules are relaxed, and the council could act to improve city centre streets which it says are "virtually derelict".
Cllr Richard Bingley, leader of Plymouth City Council, has briefed his Conservative group on the proposal and has tasked officers with finding out more. It is expected full details of the investment zones - being dubbed "full-fat freeports" - will be revealed in today's mini-budget.
Cllr Bingley said the "very exciting proposals" from the Government would centre around lower taxes and reduced local regulation. He said the plan could result in higher household incomes, more house building, a boost for business and regeneration of the "under-utilised and uncared for" parts of the city centre.
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