West Midlands named as 'Investment Zone' by chancellor

The new zone could create more than 30,000 jobs in the West Midlands over the next 11 years, officials claimed

The West Midlands will have an "Investment Zone" focused on advanced manufacturing, the chancellor said in his Autumn Statement.

It could create more than 30,000 jobs and attract £5.5bn of investment over 11 years, officials claimed.

The West Midlands zone was in addition to 12 others announced in spring, Jeremy Hunt said.

Funding for the zone of £160m would be across 10 years rather than the five initially planned, he added.

The zone will cover the region but be focused on three specific sites, the West Midlands Combined Authority (WMCA) said.

There will be one in Warwickshire, around a proposed gigafactory, a Birmingham Knowledge Quarter, based from Aston University, and a Wolverhampton Green Innovation Corridor.

Sites within the Warwickshire and Birmingham areas will be offered tax relief and business incentives such as funding roads and power facilities.

Wolverhampton's green corridor would receive funding towards building key infrastructure to start the project, the WMCA said.

Move set to 'turbocharge' region

West Midlands mayor Andy Street said the move by the chancellor could "turbocharge" the area and improve "our ability to attract global companies to our region".

The Wolverhampton site would allow the city to "capitalise on emerging green industries", councillor Stephen Simkins, leader of the city council said.

"The Green Innovation Corridor will build on Wolverhampton's growth as a centre for sustainable construction and create skilled jobs for local people," he added.

Neil Rami, of the West Midlands Growth Company, said the zone's announcement supported the region's credentials as a place for innovation.

"Key to maximising the success of this programme will be bringing high-value investment from around the world into these sites," he said.

"We are making good headway on this already through a new West Midlands international strategy and this announcement will enable us to accelerate our progress and ensure it benefits as many people as possible from across our region."