Birmingham City Centre earmarked for Enterprise Zone
BIRMINGHAM city centre could become an ‘Enterprise Zone’ after the Local Enterprise Partnership today agreed to put forward the case to Government.
In last month’s Budget, Chancellor George Osborne announced plans to resurrect Margaret Thatcher’s flagship policy of naming specific areas as Enterprise Zones to benefit from incentives such as reduced business rates, increased capital allowances and relaxed planning regulations.
At a meeting of the Greater Birmingham and Solihull LEP today, it was agreed that a business case would be put forward to create the zone in Birmingham city centre.
In addition, the LEP says it wants to create an ‘Enterprise Belt’, covering a significant part of the remainder of the body’s patch.
In a statement, the LEP said: “Birmingham city centre was selected as the location of the Enterprise Zone due to its potential to generate considerable private investment and jobs as well as substantial business rate growth to generate support investment for the rest of the LEP.
“The Enterprise Belt would cover key areas of southern Staffordshire and northern Worcestershire as well as M42 growth corridor in Solihull.”
LEP chair Bridget Blow added: “The Enterprise Zone and Belt proposal forms part of our wider economic strategy to exploit the distinctive economic strengths of each area of our LEP.
“Combined with plans to create world class connectivity to national, European and global markets and accelerated roll out of superfast broadband, we hope that our submission makes a compelling business case for Government to grant our proposals for creating both an Enterprize Zone and Belt.”
The Greater Birmingham and Solihull LEP is one of the largest in the country, spanning a population of over two million people, and comprises nine local authorities.
These are Birmingham, Solihull, Redditch, East Staffordshire, Lichfield, Tamworth, Bromsgrove, Cannock Chase and Wyre Forest.
