New regional investment body to deliver ‘fastest growth opportunities anywhere in the country’

A new Mayoral Development Corporation (MDC) will position the West Midlands as the most investable region in the country, according to the region’s political leaders.

The Mayoral Development Corporation (MDC) is said to be the biggest and most ambitious of its kind in the UK, helping to create tens of thousands of jobs and bring in billions to the local economy.

It will incorporate the £3 billion Birmingham Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street, the £2 billion Smithfield development, and a major creative industries hub in Digbeth.

This new corporation – part of a wider Mayoral Development Zone – is being created by West Midlands Mayor Richard Parker and Birmingham City Council leader John Cotton.

It aims to give investors speed, scale and certainty and help bring major schemes forward.

It will bring together planning powers, land, funding and delivery under one roof and cut bureaucracy.

The announcement comes as Chancellor Rachel Reeves pledged that “no region will be locked out of investment” as she confirmed the UK’s first Regional Investment Summit will be held in Birmingham next month.

The mayor (pictured) said: “The West Midlands is breaking down the barriers that have held investment back.

“A new Mayoral Development Corporation will deliver the fastest growth opportunities anywhere in the country.

“From Curzon Street to Digbeth and from Smithfield to the Knowledge Quarter, investors will find world-class projects ready to go. And we’re going to move at pace, because for too long people haven’t felt growth in their communities or in their pockets.

“This is about speed, certainty and scale. We are putting Birmingham and the West Midlands at the front of the queue for investment, creating jobs and driving growth that will make a difference to people’s lives. That’s why having myself, John and the Government working so closely is so important.”

Cllr John Cotton, leader of Birmingham City Council, said: “Birmingham’s time is now. This is one of the most investable cities, with some of the biggest opportunities in the country and working with a Labour Mayor and a Labour Government, we will fully unleash our full potential for economic growth.

“The MDC will supercharge Birmingham and the wider West Midlands, unlocking opportunities for all, creating tens of thousands of good, well-paid jobs and delivering growth and prosperity for our citizens, communities, and businesses.”

Raj Kandola, acting deputy CEO at Greater Birmingham Chambers of Commerce, said: “With the Investment Summit on the horizon, it’s great to see the announcement made by the mayor and leader of Birmingham City Council on plans to proceed with a Mayoral Development Corporation (MDC).

“Setting up an MDC is a pragmatic step to streamline the delivery of hugely important projects for our city such as the Sports Quarter, Knowledge Quarter alongside maximising opportunities linked to HS2 - a key recommendation which was put forward by our Business Commission West Midlands last year.

“We look forward to working with the WMCA and Birmingham City Council to ensure the voice of business remains at the centre of these delivery plans as the upcoming regional investment summit provides a timely opportunity to showcase the best of our city region to national and international investors alike.”