Chancellor George Osborne has confirmed that a future Conservative government would extend both the geography of Birmingham’s city centre enterprise zone and the EZ’s duration.
The extension would cover the whole of the Birmingham Curzon development zone around the proposed HS2 Curzon station city centre terminus station.
Osborne said the extension would be a key enabler to further drive local growth and prosperity. It is hoped that the initiative will also receive cross-party support.
Since the launch of the national EZ initiative in 2011, Greater Birmingham & Solihull local enterprise partnership (GBSLEP) has worked with Birmingham city council to unlock development in the city and stimulate investment, via the uplift in business rates that EZ designation allows.
The Birmingham EZ consists of 26 sites totalling 168 acres across the city centre.
GBSLEP chairman Andy Street said: “This would support us to fund a package of targeted local measures to truly maximise the growth potential around the station, drive regional productivity and in turn provide a net gain to UK plc. We hope that regardless of the outcome of the general election, the new government will support this proposal, helping us realise the benefits of this once in a generation opportunity.”
Birmingham Curzon Regeneration Company shadow board chairwoman Liz Peace added: “The extension of the enterprise zone in terms of both time and geographical coverage will be hugely valuable for us in enabling investment in infrastructure and unlocking growth in the Curzon area.
“We will be able to make long-term plans that will support further local investment across a much wider area – and that will be really important as we seek to maximise the local economic benefits from High Speed 2.”
Through the EZ, a £275m investment plan has been committed to drive growth within the city centre and across the wider GBSLEP area.
More than 650,000 sq ft of floorspace and £203m of private sector investment has been attracted to the EZ since 2011. A further 753,000 sq ft of new floorspace will come forward in 2015/16. Meanwhile, public transport improvements are also being targeted as part of the EZ investment plan, with a £38m extension to the Midland Metro tram system to Centenary Square and a £30m city centre public realm improvement programme.
By extending the EZ to cover the Birmingham Curzon area, further commitment will be made to delivering major investments in local infrastructure, which could see more than £1.7bn of private investment attracted to the region.
