THE COVENTRY and Warwickshire Gigafactory site is among six levelling up ‘growth zones’ being considered by the West Midlands Combined Authority as part of its ‘deeper devolution deal.’
The zones have been identified as having the potential to accelerate growth, development and regeneration.
A new agreement with the government will enable the region to retain Business Rates growth over the next 25 years, worth around £500million.
This is part of the WMCAs plan for growth which aims to set the West Midlands on course to grow the local economy by £3billion and create 45,000 new jobs.
West Midlands Mayor Andy Street said the Deeper Devolution Deal would help the region attract private sector investment to power prosperity.
“The West Midlands was the fastest growing region in the UK pre-pandemic and – as we get back on track – our Plan for Growth will drive our regional recovery forward.”
