West Midlands Combined Authority granted £2.5bn in the Budget to drive new growth and homes

Above: Port Loop in Birmingham - a regeneration project creating new homes (courtesy Urban Splash)

Mayor Richard Parker’s plans to reignite the West Midlands economy and raise living standards for tens of thousands of local people were backed by more than £2.5bn in the recent Budget, according to the West Midlands Combined Authority (WMCA).

It states:

'The Mayor will use the money to drive forward his West Midlands Growth Plan which sets out to create 100,000 jobs, 120,000 new homes and better public transport.

'The huge four-year funding package announced by Chancellor Rachel Reeves is the region’s first ever multi-year settlement and is the latest step in an unprecedented shift in power, money and responsibility from Westminster to the West Midlands.

'The long-term funding gives the Mayor and other political leaders the ability to better plan and deliver major projects that can drive growth and tackle poverty.'

The Mayor said: “The Chancellor has today backed the West Midlands with a £2.5bn settlement to drive growth in every part of our region - and it puts fairness at the centre of that plan. It will lift children out of poverty, strengthen our public services and support working people with a proper living wage.

“This is a Budget that helps to rebuild our region from the ground up. It gives us the tools to get homes built, improve our buses and trains, boost skills and bring new investment into our towns and cities.

“After years without meaningful growth, this Budget makes responsible choices for a fairer economy and better opportunities for the people of the West Midlands.”

The four-year funding package announced in today’s budget includes:

• £530m for skills and job support so local people can land the jobs being created

• £177m for new homes with a focus on more social and affordable housing

• £232m for economic regeneration including the revitalisation of high streets and town centres by helping start-up businesses move into empty premises

• £129m to support the environment and fight climate change including work to make homes warmer and more energy efficient

• £2.43m for health and wellbeing including money to tackle homelessness and rough sleeping