The West Midlands announced its formal submission to Government for a package of Investment Zones capable of accelerating economic growth and delivering tens of thousands of new homes and jobs.
If accepted by Government, the zones have the potential to boost the regional economy by more than £4.7bn a year, creating 65,128 new jobs, 18,616 new homes and 3.1m sqm of commercial space.
In a comprehensive case, the region’s political and business leaders said their Investment Zone proposals would help regenerate and lift up some of the more deprived areas of the West Midlands.
The bid emphasises how the zones offer an opportunity to unlock new public and private investment to help rebalance the economy and tackle long-standing issues around deprivation, fuel poverty, jobs, skills and health – goals that are central to the region’s on-going devolution discussions with Government.
The zones would offer tax breaks and other incentives to make it easier, quicker and cheaper for the private sector to do business, helping to attract significant inward investment.
Cllr Andrew Day, leader of Warwick District Council, said: “This breakthrough offer from Government will create a favourable climate to secure the £3.4bn in finance to deliver the West Midlands Gigafactory.
“This vital new facility will anchor our important automotive and future mobility supply chain, which already supports 50,000 research, development, and manufacturing jobs locally, as well many more jobs across the region. I welcome this bold initiative, which is just what we need to foster the right environment for step-change investment, making a significant contribution to our shared vision for a net zero carbon future.”