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Ambitious plans to create an enterprise zone in Birmingham could lead to the creation of 50,000 new jobs. Business leaders have predicted that the enterprise zone could raise up to 700 million for the region.

The plans to create the zone have been set out by Local Enterprise Partnership chairman Andy Street. Businesses will be encouraged to move into the area with the promise of a reduction in taxes for upto 5 years. Its it believed that the enterprise zone will stimulate the local economy and provide much needed jobs for the West Midlands that has been blighted by the effects of the global economic crisis.

The proposed enterprise zone will cover a large parts of the city center including East-side and millennium point.