Government going further and faster to kickstart economic growth in the West Midlands

Working people and businesses in the West Midlands are due to benefit from the government’s drive to kickstart growth that is felt across the UK.

The Spring Statement builds action already taken, as the government goes further and faster to kickstart economic growth in the region.

£2.2 billion extra defence spending

• With 68% of defence spending going to businesses outside London and the South East, the benefits of every extra pound spent on defence will be felt in all the nations and regions of the UK.
• Total defence spending in the West Midlands in 23/24 was£1.6 billion.

Investment in the West Midlands

• Solihull Council will benefit from a £9.6 million loan from the National Wealth Fund to deliver its ambitious town centre energy network. This will provide low carbon heating, hot water and electricity to a range of town centre buildings, helping reduce fuel bills and future-proof customer energy needs.
• A new reservoir in the West Midlands will be constructed because of a £7.9billion government-unlocked investment in water resources in the next 5 years. This is part of the water sector’s plans to invest £104 billion over the next five years to ensure supplies for future generations and deliver cleaner rivers and seas.
• From the start of the next financial year (2025-26) the West Midlands Combined Authority (WMCA) will receive integrated funding settlements worth over £380m respectively. This will give Mayors meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
• The West Midlands is one of four UK regions selected to trial a Strategic Partnership with the National Wealth Fund.

The West Midlands will also gain from the government’s commitment to build 10 new technical excellence colleges, and spend £165 million to help existing colleges deliver more construction courses – aimed at skilling up of 60,000 young people to become engineers, brickies, sparkies, and chippies to get Britain building again.