West Midlands investment zone bids backed by Levelling Up Secretary
The Levelling Up Secretary has backed the West Midlands to host at least one of the Government's new 'investment zones' when they are announced next month.
The region has put forward a number of potential sites for investment zone status, which will see taxes cut for businesses and planning laws relaxed in a bid to drive growth.
And Simon Clarke MP said the region would serve as an "ideal home". He told the Express & Star: "I would absolutely love to see some in the West Midlands and I'm sure there will be some here.
"This is an area at the heart of levelling up with a lot of untapped potential. The whole purpose [of investment zones] is to provide tax and planning opportunities to deliver things at pace.
"There's a lot of projects that might take years to come to fruition or may never happen at all if we don't have these zones set up."
Bidding closes today with the Treasury set to announce the first tranche of investment zones on November 2.
The West Midlands Combined Authority is bidding for four sites, including the Wolverhampton-Walsall corridor and an area along the route of the Wednesbury-Brierley Hill Metro extension.
Staffordshire County Council also said it was submitting a bid. Mr Clarke said the investment zones would operate in a similar way to freeports, which benefit from tax and customs incentives.
He said they would be targeted areas identified by local authorities of "a few hectares" rather than entire towns or cities.
"It is basically about expediting growth," Mr Clarke added. "We recognise there are quite a lot of global pressures at the moment and the more we can do to encourage good things to happen – and not in 2025 or 2030 but next year – the better."
