The region's economy will be boosted by new so-called levelling up zones to be established across the West Midlands as part of a new devolution deal.
A group of zones have already been identified as having the potential to accelerate growth, development and regeneration.
Key investment sites within each will be unlocked by a new agreement with the Government that enables the region to retain business rates growth over the next 25 years, said to be worth around £500 million.
