Investments to provide West Midlands with £800m boost – summit
A host of major investments will provide an £800m boost to the West Midlands and create hundreds of jobs, it was revealed at yesterday’s Regional Investment Summit in Birmingham.
More than 350 business leaders, investors and local mayors gathered in city to announce new investments in key growth sectors across the UK.
Investments in the West Midlands include Hines and Woodbourne Group announcing a £400 million investment to support the £4 billion Birmingham Knowledge Quarter, a centrepiece of the West Midlands Investment Zone, driving innovation, regeneration, and economic growth in the region.
Meanwhile, NEC Group owners Blackstone have vowed to invest £200m to ensure the NEC remains the UK’s leading live events business.
Building on the UK-India free trade agreement, Indian parent company of Freshway Dairy will also invest £25 million in building a new processing facility in West Bromwich, creating at least 200 new jobs and allowing them to process 25% more milk.
In a boost to the Industrial Strategy, the Government is also announcing that Sterling Pharmaceuticals will receive a share of £30m of Life Sciences funding, which will help them build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of medicines for the NHS and sales overseas.
To boost the digital sector, Atos is announcing £10m for AI centres, cementing the Midlands role as a key hub and creating 50 jobs.
In further good news for the region, the West Midlands Combined Authority has confirmed a £75m skills package to train over 12,000 people in construction trades and technical roles over three years.
Backed by WMCA and government funding, the initiative supports a regional construction boom driven by major housing, transport, retrofit, and regeneration projects.
£40 million will also be made available by the WMCA to accelerate delivery of 1,000 new social rent homes across the region.
The funding unlocks properties ready or under construction, building on 750 affordable homes already secured.
West Midlands mayor Richard Parker said: “The first-ever Regional Investment Summit in the West Midlands has been a huge success.
“It’s given us the platform to showcase our innovation, talent, and can-do approach - and it’s already paying off, with world-class businesses like Knighthead Capital, Freshways and Atos choosing to invest, drive growth and create jobs.
“The Government is backing us with new funding and new powers to go further and faster. I’m determined to make sure everyone shares in the opportunities this brings - building prosperity that reaches every community. The time to invest in the West Midlands is now.”
Peter Kyle (pictured), Business and Trade Secretary, said: “The West Midlands is a thriving business hub, and these funding announcements are a major vote of confidence in our economy and demonstrate how our modern Industrial Strategy is helping to secure the investment we need to deliver growth in the West Midlands.
“This huge boost to the region shows our Plan for Change is working in encouraging more companies to invest here, creating new jobs and exciting opportunities for local communities in the West Midlands.”
Chamber member reaction:
Jayne Hussey, partner and head of Mills & Reeve's Birmingham office, said: “It’s fitting that today’s Regional Investment Summit has become a flagship event in the region and for the UK as a whole.
“It is a huge vote of confidence for the Midlands, and the perfect showcase for the investment potential we have, the skills we possess in abundance, and the drive we have collectively to put the region on the national and international map.
“We take our role in driving growth extremely seriously, which is why so many business leaders have attended today’s flagship event.
“It has allowed us to demonstrate to a global audience the depth of our expertise, innovation, and potential as a region. Leaders in the region have a commitment to push boundaries, particularly in areas such as tech, AI and life sciences, the pride we have in heritage industries like manufacturing, real estate and construction, as well as the highly skilled talent pool which is supported by a cohort of world-leading universities.
“We have made our ambitions clear; now the hard work really begins, which is to deliver on these ambitions. Something the Midlands is brilliant at."
David Morris, Central Region Market lead for PwC UK, said: “The Chancellor's announcement is a welcome boost for the Midlands economy, and it is right to focus on unlocking growth through investing in our regions – this will be essential to deliver on the government’s Industrial Strategy.
“By cutting red tape and streamlining corporate reporting, local businesses will save time and money, enabling them to focus on growth and innovation.
“The region is poised to prosper as a centre of innovation and economic vitality, benefiting our people, our communities and local businesses.
“It's a great ambition and intent, but we need to see action and change taking place sooner rather than later.”
