West Midlands eligible to host ‘potential Canary Wharf’

The East and West Midlands are among twelve parts of the UK that could be given more control over their economic destinies via “bold imaginative partnerships” between industry and local authorities, the Chancellor has said.

Heralding what he described as “twelve potential Canary Wharfs”, Jeremy Hunt confirmed plans to create a raft of Investment Zones which will complement and build on the government’s existing Freeport programme.

Each zone will have access to £80m of support to fund tax relief, skills, business support, infrastructure and planning improvements.

Hunt also pledged over £200m for regeneration schemes across the UK and £400m for Levelling Up Partnerships on Wednesday, singling out Tipton in the Black Country and Mansfield and Bassetlaw in Nottinghamshire as potential beneficiaries.

The third round of the Levelling Up Fund, worth £1bn, was also confirmed, as was a widely anticipated multi-year settlement for Mayoral areas which Hunt described as a “Trailblazer Devolution Deal.” The deal will eventually allow authorities including the West Midlands to retain 100% of their business rates.

£161m will be provided for regeneration projects in Mayoral Combined Authorities – a grouping which could soon include the East Midlands if its £1.1bn devolution plans proceed.