The Mayor of West Midlands’ plans to reignite the West Midlands economy and raise living standards for tens of thousands of local people have been backed by more than £2.5 billion in today’s Budget.
The Mayor will use the funding to drive forward his West Midlands Growth Plan, which aims to create 100,000 jobs, deliver 120,000 new homes, and improve public transport across the region.
The four-year funding package, announced by Chancellor Rachel Reeves, marks the region’s first-ever multi-year settlement and represents a historic shift in power, money and responsibility from Westminster to the West Midlands.
This long-term investment gives local leaders the ability to plan and deliver major projects that can drive growth and tackle poverty.
Funding Breakdown:
- £530m for skills and job support – helping local people secure new opportunities
- £177m for new homes, with a focus on social and affordable housing
- £232m for economic regeneration, revitalising high streets and town centres by supporting start-ups in empty premises
- £129m for environmental projects, including making homes warmer and more energy efficient
- £2.43m for health and wellbeing, tackling homelessness and rough sleeping
West Midlands Mayor Richard Parker 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 announcement is the latest step in the government’s mission to devolve power and unlock regional growth, ensuring the West Midlands plays a leading role in the UK’s economic renewal.
Image credit: iStock
