Investment zones in the West Midlands will drive growth, council chiefs say

Council chiefs have backed plans for a raft of "growth boosting" investment zones across the region.

Part of Walsall town centre has been earmarked for an investment zone

The West Midlands Combined Authority (WMCA) has submitted proposals for a number of investment zones, which the Government is bringing in to drive economic growth across deprived areas.

They will see businesses benefit from reduced taxes and relaxed planning regulations.

Council bosses say planned investment zones in Dudley, Sandwell, Walsall and Wolverhampton will deliver "tens of thousands of new homes and jobs".

Councillor Mike Bird, the WMCA's housing chief and leader of Walsall Council, said: "Our submission puts a huge focus on attracting substantial private sector investment by creating the conditions that will give business the long-term certainty and stability needed to invest.

Walsall Council leader Mike Bird said the plans would help attract private sector investment

“This, in turn, will speed up the delivery of thousands of the new homes and decent jobs that local people so badly need while building a future-looking economy that benefits all parts of society and the fight against climate change.”

The WMCA's economy boss, Wolverhampton Council leader Ian Brookfield, said he was confident the city fitted the criteria for investment zone status.

He said over 10 years the scheme could generate almost 6,000 jobs and add more than £1.5 billlion GVA to the city economy.

Mr Brookfield said: "The Wolverhampton proposal is centred around the Green Innovation Corridor that will build on the city’s key assets in skills, research and high-end manufacturing to level up the city’s economy and support business growth and jobs."

Dudley Council leader Patrick Harley said he welcomed investment into areas along the Metro extension to Brierley Hill.

"It will enable businesses investing in the zones to benefit financially through lower taxes, as well as accelerating development and helping to bring forward a mix of commercial and residential developments in these key areas and make the most of this important transport link," he added.

Sandwell Council leader Kerrie Carmichaelhas backed the investment zone plans

Councillor Kerrie Carmichael, leader of Sandwell Council, said she "fully supports" plans that will see new homes and industrial areas in Wednesbury and Tipton.

She added: "We are pleased to have the support of [Conservative] MP Shaun Bailey for this proposal. I hope the Government will also back our plans so that businesses and residents can benefit from the additional opportunities for growth that investment zone status could offer over a ten year period."

An announcement on the first wave of investment zones is expected next month.