West Midlands Mayor Richard Parker hails Government’s ‘show of faith’ in region
West Midlands Mayor Richard Parker has hailed a “show of faith” by the Government after the region was chosen to be part of a pilot investment scheme.
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Chancellor Rachel Reeves is next week set to announce a package of economic reforms aimed at enhancing regional growth and attracting investment across the country.
This will include a new approach the National Wealth Fund and the Office for Investment which will involve working with leaders in regional areas on projects to support their local priorities.
As part of the reforms, ‘Strategic Partnerships’ will be trialled with the West Midlands only one of four regions chosen to take part.
The Government said the partnerships will provide enhanced, hands-on support with tailored commercial and financial advice to help regions develop and secure long-term investment opportunities.
They added this initiative will play a key role in unlocking investment across sectors such as technology, manufacturing, and green energy.
Mr Parker said: “This is a great show of faith by the Government in our regions to deliver the growth and high-quality jobs the country needs.
“The West Midlands is a hotbed of innovation and business talent ready to support the Government’s mission for growth.
“With the Government, I’m focused on delivering growth and with plans for a gigafactory, and three Investment Zones secured, we’re already making progress on creating thousands of new jobs.
“At the same time I am equipping our people with the skills to succeed in the industries of the future such as advance manufacturing, life sciences and green technology.
“With this new Strategic Partnership, the West Midlands will be one of the best places to do business, with an economy that creates real opportunities and benefits everyone across our communities.”
The Chancellor said: “In our mission for growth, it’s critical that we are growing every region’s local economy, that’s why we are doing things differently.
“Those with local knowledge and skin in the game are best placed to know what their area needs, and our transformative reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities.”
