A host of infrastructure and development projects across the West Midlands could benefit from government plans to introduce new so-called ‘investment zones' across the country.
Chancellor Kwasi Kwarteng said today in his Mini Budget that the Government was in discussions with 38 local councils and combined authorities about the possibility of introducing these new zones.
They would benefit from targeted and time-limited tax cuts for businesses aimed at encouraging investment in new shopping centres, restaurants, apartments and offices as well as liberalised planning rules to release more land for housing and commercial development.
Click for more details on the proposed new 'investment zones'
West Midlands Combined Authority is on that list of 38, with discussions ongoing about introducing investment zones at the HS2 Interchange station site near Birmingham Airport, the NEC campus in Solihull, locations in the Black Country and the site of a proposed electric vehicle battery gigafactory at Coventry Airport.
The combined authority and its partners are also intending to submit additional Investment zone proposals including in East Birmingham. The Chancellor also revealed that the Government planned to fast-track a number of transport schemes in the West Midlands to ensure work gets under way before the end of 2023.
The list includes Aldridge railway station, the East Birmingham to Solihull corridor and walking, cycling and bus connections for the new Darlaston and Willenhall rail stations.
West Midlands Mayor Andy Street said: "The Government has shown real ambition for growth and a clear commitment to the West Midlands - putting our region at the front of the queue for investment and project delivery here on the ground.
"In particular, the announcement they will back us by creating dedicated investment zones is great news and will result in local residents and businesses benefiting from lower taxes, faster development and improved economic prospects in the weeks, months and years ahead."
