23.06.20
West Midlands £3.2bn blueprint for economic recovery unveiled
A £3.2bn blueprint for the West Midlands’ economic recovery has been put to Government today (June 23) to create long-term prosperity for the region and the wider areas.
‘Kickstarting the West Midlands Economy: Our Investment Case to Government’ highlights the immediate action needed to ignite the economy whilst supporting the long-term vision of a more green and inclusive economy of the future.
Research has suggested that this region could be hit harder than others, motivating the political, business and trade union leaders to draw up these investment plans and call for Government collaboration to reset, rebuild and recharge the West Midlands.
The blueprint will be launched by Mayor Andy Street and Cllr Ian Brookfield at a virtual press conference this morning and outlines the case for £3.2bn of investment over the next three years to support recovery for local businesses and residents, while keeping climate change a priority.
The blueprint presents three key business opportunities:
- The potential unlocking of 51,700 green collar jobs and improve community wellbeing with a £614m investment package, including £250m towards a Gigafactory.
- Creating jobs for local people through HS2, Coventry City of Culture and the Birmingham 2022 Commonwealth Games by accelerating major infrastructure with a £306m investment and supporting the recovery of the tourism and culture sector, a total unlocking of 33,000 jobs.
- Investing £137m into healthcare innovation, improving the regions health whilst creating or safeguarding 3,200 jobs.
The Mayor said:
“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.”
Other plans include better transport links including rail, metro and bus extensions, enhanced digital connectivity, brownfield site regeneration, skills training and support schemes for businesses.
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