Region to benefit from National Wealth Fund partnerships, fast tracking of infrastructure projects and new reservoir
Preet Kaur Gill, MP for Birmingham, Edgbaston, has today (29/01/25) welcomed the Chancellor’s plans to kick start the economy and spur growth across the country, including in the West Midlands.
The Chancellor has today in a landmark speech unveiled new plans to boost the economy and spur regional growth across the UK, vowing to go “further and faster” to generate growth and put more money in people’s pockets.
The West Midlands will gain from new strategic partnerships trialled by the National Wealth Fund. The Government’s National Wealth Fund and Office of Investment will will work with local leaders to build pipelines of investment and projects linked to regional growth priorities.
The Chancellor has reiterated how regions across the country, including the West Midlands, are set to benefit from sweeping reforms under the Planning and Infrastructure Bill, which will take an axe to red tape that slows down approval of infrastructure projects and ensure a smooth and speedy delivery.
The Government has also agreed for water companies to unlock £7.9bn investment for the next 5 years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, one of which is in the West Midlands. The last major reservoir built in the UK was completed in 1992.
This builds on government commitments to generate growth in our region. The West Midlands will be one of the first regions in the UK to benefit from a single flexible funding pot through its integrated settlement, and will gain from confirmation of HS2 Phase 1 – including a link directly into central London.
The West Midlands will also benefit from a 1 year continuation of Innovation Accelerator programme, a pilot programme to support city regions in becoming major, globally competitive centres for research and innovation.
Preet Kaur Gill, MP for Birmingham, Edgbaston, said:
“The West Midlands has immense potential and is home to various growth sectors such as in research and development, the automotive sector, life sciences, and advanced manufacturing.
“We are the inventors of the pacemaker, the balti, and the world's leading brain cancer drug. Our region has huge potential, but for 14 years we have been let down.
“I am excited to see how our region will work with the Government to unlock the potential we have, creating good jobs and bringing in investment. The life sciences project in my constituency is an example of this government is prioritising life sciences in its Industrial Strategy, a sector that will grow.
“Low growth is not our destiny. I welcome the Chancellor’s commitment today to kickstart the UK economy and boost growth across the country, including in the West Midlands.”
In her speech today, the Chancellor unveiled plans to unleash the potential of the Oxford-Cambridge Growth Corridor that will add up to £78 billion to the UK economy according to industry experts, catalysing growth of UK science and technology.
She has also backed the redevelopment of Old Trafford and will review the Green Book - the government’s guidance on appraisal - in order to support decisions on public investment across the country, including outside London and the Southeast.
A complete list of the Chancellor’s announcements can be found here: Reeves: I am going further and faster to kick start the economy - GOV.UK
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