Autumn Statement: Investment zones would be boost for West Midlands and Wrexham

The chancellor said he planned to introduce 110 measures to increase the UK’s productivity.

He also touched further investment zones in the West Midlands, Greater Manchester and the East Midlands, which would “help catalyse over £3.4 billion of private investment and 65,000 new jobs”.

A new investment zone would be based in Wales, “in the fantastic region of Wrexham and Flintshire” which was welcome as by businesses in mid-Wales.

Andy Street, Mayor of the West Midlands and Chair of the West Midlands Combined Authority, said: “I welcome the serious and substantial announcements set out by the Chancellor in today’s Autumn Statement.

"The responsible and forward-thinking decisions he has taken will support households and businesses, boost growth and investment and create job opportunities.

“It’s great news that we now have confirmation that our region will play host to an Investment Zone – incorporating sites from Wolverhampton to Birmingham to Coventry.

"This will turbo-charge the prospects of some of our key areas of strength including tech, advanced manufacturing, and green industries. Working alongside the outstanding research capabilities of our world-leading universities, this Investment Zone will enhance our ability to attract global companies to our region.

“The Chancellor's decision to empower the West Midlands with a single funding settlement heralds a pivotal moment for our region. It will end the need for competitive bidding into Government to fund our transport, housing, skills, and investment projects and put us on par with Government departments and devolved parts of the UK.

“This greater financial certainty – and the trust shown in us by Government – will enable the WMCA to deliver prosperity for local people in the years ahead. It places decision-making where it belongs: in the hands of those who best understand our region's priorities.”

Greater Birmingham Chambers of Commerce (GBCC) CEO Henrietta Brealey said: "The confirmation of the West Midlands Investment Zone is a major boost for the region, creating thousands of jobs for local people and offers a vital opportunity to leverage private sector investment.”

Steven Owen, managing director of the leading Shropshire construction company Pave Aways, said Jeremy Hunt’s Autumn Statement included some positive announcements.

He said: “I wholeheartedly welcome the Chancellor’s focus on business and growth, particularly business tax cuts and the extension of the “full expensing” tax relief scheme which is vital to support investment.

“The creation of an Investment Zone focused on Wrexham will bring a big boost to North East Wales and the 110 measures to drive growth will deliver a huge boost for the many small Shropshire and Mid Wales contractors and businesses which make up our supply chain.