West Midlands seeks £3.2bn of investment to kickstart economy

The directly-elected mayor of West Midlands has called for £3.2bn of investment over the next three years to boost the region’s economic recovery, as part of a new blueprint.

Andy Street said ‘we need to do everything we can to get back on our feet quickly’ as the West Midlands Combined Authority published a new report, which outlines measures needed to stimulate economy in the short term, in ways that will also support a long-term sustainable recovery that is both green and more inclusive.

The blueprint seeks £3.2bn of investment over the next three years to boost recovery for local people and business, and make a step-change in tackling climate change.

It aims to build on the previous strong performance of the region’s economy, as well as the £2.7bn of Government investment secured since 2017.

The plan builds on existing success in the West Midlands, and proposes direct support to industry in three key areas alongside a commitment to invest in transport, housing and people, helping to drive a rapid economic recovery that will create or safeguard more than 135,000 jobs and build 35,000 new homes.

‘The West Midlands economy was in good shape before the coronavirus pandemic first struck, and we need to do everything we can to get back on our feet quickly, learning the lessons of our rebound from the financial crash of 2008/09,’ said Mr Street.

‘The plan is to build on our previous success and on the multi-billion investment we have already drawn in from government, with the creation and retention of jobs front and centre. We want to keep as many people in work as possible, and for those who fall out we want to create new jobs and offer digital retraining opportunities in sectors such as construction, automotive, and the creative industries.

‘As well as safeguarding people’s work in the short-term, we also want to use the opportunity created by coronavirus to re-shape our economy over the longer term, and think more about what we can do to become greener and more inclusive.

‘The government can demonstrate its commitment to the levelling-up agenda by backing this blueprint and continuing to invest in the West Midlands,’ added Mr Street.

Photo Credit – West Midlands Combined Authority