Birmingham is set to receive substantial new investment as a result of the HS2 high-speed rail project.

An Urban Regeneration Company has been established in the city, tasked with helping maximise the benefits of HS2 for the area.

The organisation will redevelop over 140 hectares of land, provide space for 2,000 homes, create 14,000 jobs and provide 600,000 square metres of new employment floorspace. This is expected to boost the economy of the city by £1.3 billion per year.

Transport secretary Patrick McLoughlin said the company "will bring new investment and work into the city, helping secure the future prosperity of the region and the country".

The city will also be home to the HS2 project's construction headquarters, creating 1,500 jobs. While some of the employees will relocate from London, the majority will be brand new, highly-skilled jobs for the city, including engineers and designers responsible for detailed construction plans.