The Government has announced it wishes to work with the West Midlands Combined Authority as part of Investment Zones in the region
Chancellor Kwasi Kwarteng revealed Government plans which will fast-track an array of essential transport schemes in the West Midlands region with work set to begin before the end of 2023.
The Investment Zones will support economic growth with the creation of new homes and jobs and has been welcomed by the Mayor of the West Midlands, Andy Street and the West Midlands Combined Authority.
The Growth Plan also sees energy price caps introduced for both domestic households and businesses. The Chancellor reported that the Government was also holding discussions with 38 local and mayoral combined authorities which include the West Midlands regarding Investment Zones in specific locations within the area.
The announcement points to possible Investment Zones as follows:
- The HS2 Interchange site near Birmingham Airport and the NEC
- Sites in the Black Country
- The site of a proposed Gigafactory at Coventry Airport, producing electric vehicle batteries
The West Midlands Combined Authority and its partners are also planning to submit further Investment Zone proposals including in East Birmingham.
The Government has also signalled that it intends to accelerate the delivery of key transport schemes in the region including:
- Wednesbury to Brierley Hill Metro tram extension
- Phase 2 of the Sprint rapid bus network
- Aldridge railway station
- The East Birmingham to Solihull corridor
- Walking, cycling and bus connections for the new Darlaston and Willenhall rail stations
- Bus priority measures on cross-city routes
The Wednesbury to Brierley tram extension is already started and is one of a number of transport projects that the Government has indicated for fast-tracking.
The Chancellor also revealed whilst speaking in the House of Commons that the Investment Zones could provide generous, targeted and time-limited tax cuts for businesses supporting them in a bid to further productivity and create new jobs. The areas may also benefit from more liberalised planning rules in order to release further land for housing and commercial development alongside reforms to increase the speed of delivering developments.
The West Midlands Combined Authority has also been asked by the Government to lead and oversee the setting up of zones for the region working closely with local councils and other partners to coordinate a regional response laying out proposed locations and specific projects.
Andy Street, Mayor of the West Midlands, said:
“The Government today has shown real ambition for growth and a clear commitment to the West Midlands – putting our region at the front of the queue for investment and project delivery here on the ground.
“In particular, the announcement that they will back us by creating dedicated Investment Zones – with a number of very promising potential local sites already highlighted – is great news and will result in local residents and businesses benefitting from lower taxes, faster development and improved economic prospects in the weeks, months and years ahead.
“We have also received a tremendous vote of confidence today in our infrastructure plans with the exciting news that a number of vital regional transport projects will be fast-tracked – so we can expect diggers in the ground on the majority of them by the end of 2023. I cannot wait to see local lives changed for the better and I look forward to working with the Government to get this done.”
Cllr Mike Bird, West Midlands Combined Authority portfolio holder for land and housing and leader of Walsall Council, said:
“We expect this to be just the start of what will be a suite of Investment Zones across the West Midlands with a huge focus on attracting substantial new private sector investment.
“These zones will build upon and reflect our £15bn Investment Prospectus published earlier this year by providing a supportive and business-minded planning environment that accelerates decision making, unlocks barriers and provides investor certainty to drive new homes, jobs and transport for local people.”
Cllr Ian Ward, West Midlands Combined Authority portfolio holder for transport and leader of Birmingham City Council, said:
“Improvements to the rail, tram, cycling and walking network are vital if we are going to reduce private car use, improve our air quality and meet our net-zero carbon targets.
“So, we welcome the decision to accelerate key projects across the West Midlands, including more cross-city bus routes, the Metro extension to Brierley Hill and the development of sustainable transport networks along the East Birmingham and North Solihull corridor.”
