A new investment zone for the West Midlands is set to be announced by Chancellor Jeremy Hunt during the Budget tomorrow - one of several across the country.
Mr Hunt is expected to confirm that each region will be backed by £80 million of funding over five years and the zones will include generous tax incentives to be used to improve skills, provide specialist business support, improve the planning system or for local infrastructure.
They have been designed to drive growth in five key sectors - life sciences, creative industries, digital technology, advanced manufacturing and green industries.
An extra £100 million is to be shared between the West Midlands, Glasgow and Greater Manchester to help them become "globally competitive centres for research and innovation", supporting 26 R&D projects.
These include a University of Birmingham-led project to accelerate new health and medical technologies. Detailed plans for the West Midlands investment zone are due to be agreed by the end of this year.
West Midlands Mayor Andy Street said: "Our plan for growth is central to how we drive forward our regional economic recovery as we bounce back from the temporary setback inflicted by the pandemic.
"The right mix of devolved powers, investment incentives and transport infrastructure will help turn that plan into action.
"That's why this investment zones announcement is very welcome news - supporting our efforts to attract new businesses, create high-quality jobs and supercharge our economy.
"Investment zones will make a valuable contribution towards enhancing prosperity for residents right across our region and I look forward to working with local leaders to decide how we best take advantage of this exciting opportunity."
The Government said it was also working closely with the devolved administrations to establish how zones in Scotland, Wales and Northern Ireland will be delivered.
The Chancellor is also expected to provide investment for the roll out of Levelling up Partnerships across England.
