West Midlands investment zone plans 'to boost region's economy' by £4.7 billion
Four Black Country sites have been included in a bid to host Government investment zones that could boost the region's economy by £4.7 billion a year.
The West Midlands Combined Authority (WMCA) has made formal bids for six zones, which will see businesses benefit from low taxes and relaxed planning rules in a bid to boost growth.
Political and business leaders across the region said the proposals would help "regenerate and lift up" deprived areas of the West Midlands.
Investment zones are one of the few remaining features of the Government's mini-budget announced by Kwasi Kwarteng before he was sacked as Chancellor.
The Black Country plans feature a zone along the Wednesbury-Brierley Hill Metro extension, including housing and employment in Dudley town centre, Brierley Hill and Lye. Schemes for housing and industrial space have been proposed for Wednesbury and Tipton.
Wolverhampton's scheme centres on a 'green innovation corridor' to the north of the city, as well as housing and employment sites in the city centre.
Meanwhile, Walsall's scheme looks to create employment sites near the M6 and in the town centre, with a mix of commercial and residential development across the wider borough.
Schemes have also been put forward for North Solihull and the proposed gigafactory site in Coventry, while a separate bid has gone in for Staffordshire.
Bosses say the zones will make it "easier, quicker and cheaper" for the private sector to do business, helping to attract "significant inward investment".
West Midlands Mayor Andy Street, said the region had submitted "a strong array of options" to the Government.
"Having been involved in establishing one of the UK’s most successful enterprise zones in and around Centenary Square in Birmingham, I have seen first-hand the power these special economic areas can have with the ability to bring about genuinely transformational change and investment," he said.
"Most importantly we know that investment zones can accelerate the delivery of tangible outcomes for local residents – including boosting employment prospects – and so I’m looking forward to working with ministers to get our West Midlands zones established ASAP."
The plans have been backed by Levelling Up Secretary Simon Clarke, who said the region would be an "ideal home" for investment zones.
Analysis by the WMCA claims the zones have the potential to boost the region's economy by more than £4.7bn a year, creating 65,128 new jobs, 18,616 new homes and 3.1m sq m of commercial space.
A decision on the first tranche of investment zones is expected on November 2.
