Picture caption: Chamber of Commerce chief executive Jerry
Blackett
Yesterday's confirmation that Birmingham and Solihull's planned
Enterprise Zone has got the go-ahead will be the region's biggest
economic boost for many years.
The Enterprise Zone (EZ) - plans for which were submitted by the
Greater Birmingham and Solihull Local Enterprise Partnership (LEP)
- could see more than £700m spent on regeneration projects in
the area, according to Chamber of Commerce chief executive Jerry
Blackett.
"It is the biggest potential transformation that I have seen in
recent years - it is right up there with New Street Station, and
probably beyond," he said.
"The creation of the EZ is a means of accelerating growth that
we wouldn't otherwise have got. Today's announcement is a huge vote
of confidence by the government in our ability to deliver what is
the country's most ambitious EZ."
The EZ - announced yesterday by George Osborne, Chancellor of
the Exchequer, on a visit to the region - will include seven
clusters of sites across 68 hectares of land in the city
centre.
Mr Blackett said that due to the financing mechanism that has
been agreed for the EZ - based on business rates being held by the
city council, and not forwarded to Whitehall - around £700m
of funds would be available for investment in the region.
This amounts to a bigger sum than that set aside to revamp New
Street Station (£600m), which Mr Blackett said was a massive
vote of confidence in the city.
"This is recognition of how the local authorities here have
handled major projects in recent years, including New Street
Station, the Central Library and the airport expansion. Birmingham
is regarded as a safe pair of hands.
"This project will be a huge boost for the business community,
particularly the financial services sector and the creative
industries."