Business leaders in Birmingham are to use the Conservative Party in Birmingham to push for decisions by the government on new legislation for tax increment financing in the UK.
Jerry Blackett, chief executive of Birmingham Chamber of Commerce, said he would be using the event to call for the introduction of TIFs which allow local councils to keep some of the extra business rates and council tax they raise to enable new developments to go ahead.
He said: “Birmingham Chamber Group has long campaigned for the introduction of tax increment financing. Also know as accelerated development zones (ADZs), it is crucial for growth and jobs in the region that we can progress with making the infrastructure changes that the city needs now.
“The Big City Plan has been released and our focus is to make sure that proposed development in the region goes full steam ahead. We need to be bold and to deliver on the schemes which will give us the greatest returns.
At the Conservative Party conference fringe meeting on Tuesday, Mr Blackett will urge businesses to support the legislation through ADZs. Other speakers include Stephen Hughes, chief executive of Birmingham City Council, Liz Peace, of the British Property Federation, Alex Burrows, from Centro, and Ray Mills, of PriceWaterhouseCoopers.
Mr Blackett said: “Infrastructure development is vital to economic growth. It is crucial that we don’t get tied up in red tape and delays. We look forward to working with the government.”