West Mids must lead enterprise zone creation, says PwC
The West Midlands economy should not be allowed to fall behind as it begins to benefit from enterprise zones, said accountancy firm PwC.
According to PwC, the region’s LEPs now have an opportunity to lower the high unemployment levels and create further value by pooling resources for the region's collective gain.
Michael Kitts, partner and Midlands public sector leader at PwC, urged the LEPs which have secured enterprise zones to hasten their progress, saying, "The quicker they are up and running, the quicker the benefits will be felt beyond the zones as the LEPs accumulate business rates and invest back in the region".
It was announced last month (August) that the West Midlands had secured a third enterprise zone in Hereford. Prior to this, Chancellor George Osborne revealed that zones would also be located in Birmingham and Solihull and the Black Country.
Kitts added: "Our enterprise zones will help to create jobs, attracting skilled workers and provide opportunities for up-skilling too.
"Of course, it may be necessary to ensure there is a will to pool resources in this way. It is hoped that the government’s current review of local government resources will address this by extending further financial incentives to local authorities, which could allow them to retain more money to invest in the region."
