Mayor unveils plan to turbocharge the economy and put an extra £8,600 in people’s pockets
West Midlands mayor Richard Parker will today unveil his bold plan to reboot the region’s economy, raise living standards, and put an extra £8,600 back into the pockets of working people.
The West Midlands Growth Plan will drive a new era of prosperity in all parts of the region by creating 100,000 good jobs in fast-growing industries, getting tens of thousands of residents into work, improving public transport, and building 120,000 homes.
The plan also sets out actions to reduce poverty and deprivation and make further progress towards net zero.
The mayor will be in Wolverhampton to launch his plan to grow the region’s £77bn economy by more than £17bn – bringing higher wages and better opportunities for working people.
These long-term priorities will unleash the full potential of the region’s people, places, and businesses.
Driving the growth ambitions over the next 10 years will be the region’s young, diverse population, its entrepreneurial and innovative spirit, and its six world-class universities.
There will be more support for business leaders and entrepreneurs and backing for workers in the everyday economy such as teachers, bus drivers, shop workers and carers.
Towns and cities and their high streets will be transformed through a series of major investments including £2.4bn of improvements to the region’s transport network.
Building on the growth driving sectors set out the government’s Industrial Strategy, the West Midlands Growth Plan highlights five key industries where the region has a leading edge and significant potential for growth and the creation of skilled, secure, and high-paid jobs that people can build their futures around. They are:
- Advanced engineering, including electric vehicles and battery technology
- Clean tech and energy
- Health and medical tech
- Digital and the creative industries
- Professional and financial services
The launch comes as the region prepares to host a global investment summit in partnership with government later this year which will set out investment opportunities across the West Midlands and UK to international business leaders and investors.
The Mayor said: “Since being elected, I’ve wasted no time tackling the issues that matter most to local people – good jobs, affordable homes, reliable transport, and thriving businesses. These priorities are at the heart of everything I’m working for.
“The West Midlands is full of untapped talent and potential. We’ve got brilliant people, proud communities, and a legacy of invention and industry.
“We’re the biggest region outside London, with world-class universities, global brands and incredible talent. When the West Midlands thrives, the whole country benefits. My Growth Plan is about unlocking opportunity for everyone, in every place. It’s written with business, backed by government and will improve the lives of everyone.”
Industry minister Sarah Jones said: “The West Midlands is a powerhouse for investment and it’s great to see the region build on our modern Industrial Strategy to help open up exciting new opportunities, unlock growth, and create jobs across the region.
“Our Plan for Change will unleash the full potential of the UK’s cities and regions. Our Industrial Strategy is slashing electricity bills for more than 1,000 businesses in the West Midlands, and we are committed to ensuring our long-term plan supports jobs and raises living standards.”
Screenwriter and Peaky Blinders creator, Steven Knight, is helping to tell the region’s story.
Writing in the introduction to the Growth Plan, he said: “This document represents the people of the West Midlands climbing up on our rooftops and shouting out the remarkable news about our region to the whole world. And we have lots to shout about.
“Where other regions have made a song and dance about their attributes, the people of the West Midlands have been just getting on with it. Making things like trains, planes, and of course automobiles – even London’s black cabs.
“But guess what? That is all about to change. Right now, this day, month, year, it’s our turn. We’re making the case for the West Midlands and it starts here.”
Greg Clark, executive chair of University of Warwick Innovation District and a member of the government’s Industrial Strategy Advisory Council, said: “The West Midlands is Britain’s Industrial Strategy powerhouse. All eight of the UK’s high growth sectors – from advanced manufacturing to professional and business services – are strong here.
“The region has the youngest and one of the fastest growing populations in Britain, eager to be trained in the skills that bring a prosperous future. We are a hotbed of innovation, powered by world-class universities.
“These assets, and more, when deployed together, and in partnership with the government and investors as set out in this Plan, will not only bring future success to the West Midlands but to Britain too.”
The Growth Plan will build on new projects and funding secured by the mayor since he took office.
This includes hundreds of new social homes, £2.4bn to improve transport, more than £10m of support for local businesses, five million free bus journeys ahead of bringing the network back under public control and a flagship Investment Zone, offering tax breaks and other benefits for companies.
The mayor has also agreed a new tram line to East Birmingham which has proved pivotal in landing the £3bn Sports Quarter regeneration project by American financier and Birmingham City FC co-owner Tom Wagner.
Read the mayor’s West Midlands Growth Plan in full at https://growth.wmca.org.uk/.