The Birmingham East Mayoral Development Corporation (BEMDC) will generate a multi-billion-pound boost for the local and regional economy, positioning the West Midlands at the front of the UK’s charge for growth.
It will bring more than 50,000 jobs and 20,000 new homes to east Birmingham, where in some area’s child poverty exceeds 50 per cent and around 27 per cent of adults have never worked – more than double the national average.
By combining a range of powers including land acquisition, planning, business tax incentives and infrastructure funding the MDC will be able to cut through red tape, build investor confidence and accelerate the injection of billions of private and public sector investments into the area.
It is the most significant to be launched in the UK since the London Legacy Development Corporation was set up to transform large parts of East London following the 2012 Olympic Games.
Sport will also be at the heart of the BEMDC, which includes land earmarked for the £3bn Birmingham Sports Quarter and its showpiece 60,000 seat Powerhouse Stadium, served by a new Metro tram route.
The MDC will cover an area the size of more than 600 football pitches, and include some of the biggest regeneration projects in the UK and Europe including:
The mayor launched the MDC to investors and developers at the UKREiiF real estate show in Leeds following a green light from government.
The mayor said: “This MDC is big, bold and ambitious, reflecting Birmingham’s position as the UK’s second city.
“It will be a magnet for investment, de-risking major projects while providing the stability and continuity needed for investor confidence. It will also cut through red tape, so we waste no time getting spades in the ground on these hugely significant regeneration schemes.
“This is a once in a lifetime opportunity to end the deep-rooted deprivation that has blighted lives for too long in East Birmingham and create places people and businesses are proud to call home.
“The scale of this Corporation shows that Birmingham is back and ready to lead the UK’s return to growth.”
The mayor and senior figures at Birmingham City Council have spent months structuring the Corporation so it can unlock large-scale regeneration, accelerate development, and attract investment in a way that brings real and lasting change for local communities.
Joanne Roney, managing director of Birmingham City Council, said: “The MDC will enable and accelerate developments in the heart of the city and in East Birmingham that will transform lives, creating tens of thousands of jobs, thousands of homes and adding billions to the local economy.
"Having the largest MDC in the country underlines the scale and ambition of our plans to drive growth in the UK’s second-largest city economy. It positions our city as one of the most attractive and competitive city centres in the UK - there has never been a better time to invest in Birmingham.
“We will also make sure we deliver the greatest impact for our residents by linking the economic outputs of the MDC directly with deprived communities.”
The announcement of the Mayoral Development Corporation has been welcomed by Greater Birmingham Chambers of Commerce, who say SMEs must be actively supported in accessing opportunities.
Head of policy Emily Stubbs said: “It is encouraging that the Mayoral Development Corporation project is moving ahead despite the wider political and economy uncertainty.
“However, the true test will be whether it can translate its promise into visual, tangible outcomes such as new homes, new commercial spaces, improved infrastructure and, crucially, new opportunities for local businesses.
“Organisations such as the Chamber will have a vital role in ensuring local SMEs are not only considered but actively supported to participate in the supply chains that emerge.”
