Midas: Changes to TIF suit foreign investors

Midas, Manchester's investment and development agency, has welcomed the proposed changes to the city region's Transport Innovation Fund package, announced following the completion of 10-weeks of public and business consultation.

Among modifications made to the TIF proposals are a full congestion charge exemption for Trafford Park until public transport links, including Metrolink, are completed (previously 50% discount), and no repeat charges for multiple crossing of charging rings (previously a daily cap of £10), reducing the cap to £5.

Midas said the TIF package, which will see £2.7bn invested in Greater Manchester's transport network in advance of the introduction of a peak time only congestion charge, had received largely positive feedback from foreign investors.

Leading foreign-owned companies attended a series of TIF roundtable briefing events, organised by MIDAS for key investors in the city region, at Manchester United Old Trafford stadium. Over 30 companies took the opportunity to learn about and discuss the proposals with Sir Howard Bernstein, Clerk to the Greater Manchester Passenger Transport Authority (GMPTA).

Colin Sinclair, chief executive of Midas, said: "We felt that it was vital that international organisations who have invested in our city region had the opportunity to fully understand the TIF proposals and have their say on the package. Many of these businesses are based in Trafford Park and raised concerns over when their Metrolink line would be delivered, so to see that they are set for a full exemption until the tram is delivered is very pleasing. It is also clear that concerns raised at our meetings about repeat charging for business vehicles that need to make several journeys at peak times each day have been listened to."

Midas assists 500 foreign companies with their investment strategies in Greater Manchester.