West Midlands investment zone will forge 'clear path for growth' – business leaders
A new investment zone in the West Midlands will help forge a "clear path for growth" across the region, business leaders have said.
Chancellor Jeremy Hunt announced the region would get one of 12 low-tax investment zones in the UK, with £80million support over five years.
It will aim to drive growth through measures including tax incentives, specialist business support and potential improvements to the planning system.
Rick Blackmore, CBI Midlands Director, said he welcomed the move.
"With the £80million of spending per investment zone, this is a chance to build a clear plan for growth which creates world leading economic assets around innovative business clusters, to provide new employment opportunities, and help attract new investment into region."
"CBI members look forward to working with the combined authority and regional stakeholders to build on already bustling industries from creative industries to life sciences and to create a prosperous climate for all firms across our region."
Matthew Hammond, PwC UK Midlands regional market leader, said the investment zone would benefit the region's economy by boosting productivity and enterprise.
He said: "The investment zones will support the regional levelling up agenda by driving economic growth in the Midlands.
"The 2022 PwC economic outlook analysis showed that the region's economic output remained around 3.3 per cent smaller than pre-pandemic levels and identified the Midlands as one with the regions with most potential for growth.
"One of the ways we will achieve sustained improvements in our economy in the West Midlands is to improve our regional productivity within our growth sectors, including advanced manufacturing, financial and professional services, creative and digital technologies and life sciences."
He added: "The region consistently ranks as one of the main UK’s regional destinations for attracting Foreign Direct Investment (FDI) thanks to numerous features of the Midlands economy, including infrastructure investment such as HS2, access to talent and skills and most recently because of the Birmingham 2022 Commonwealth Games.
"We look forward to seeing how the local discussions about the investment zones develop in the region."
