Devolution and
Levelling Up

The West Midlands Combined Authority’s trailblazing devolution deal with the UK Government marked a significant leap forward in Britain’s Levelling Up Agenda, providing the region with a consolidated, long-term budget and enhanced levels of control in its path to economic prosperity.

Worth more than £1.5bn, it gives local leaders greater political autonomy and control over spending in devolved areas, enabling the region to tackle viability challenges, de-risk regeneration opportunities, retain business rates and prioritise exciting brownfield development opportunities.

Several aspects of this wide-ranging deal are of particular interest to investors:

• A landmark housing deal worth up to £500m, delivering increased flexibility to boost brownfield regeneration and unique funding and powers to swiftly deliver against affordable housing targets.
• Fiscal devolution, including the complete retention of business rates for 10 years, worth £450m to the WMCA and local authorities, driving occupier attractiveness for commercial sites.
• Up to six levelling up zones, designed to target investment and drive job growth and regeneration in identified areas. Backed by a 25-year business rate retention, these are set to deliver total expected value of circa £500m to the region.

As a result, the West Midlands is working with investors, partners and developers – all who share our ambitions around quality placemaking and inclusive growth – to deliver world-class real-estate investment opportunities to further transform our communities and economy.

In the West Midlands, levelling up is about giving everyone in the region the chance to flourish, starting with a thriving economy which creates opportunity for all.

Running in parallel with the great strides made in further devolution, is an unprecedented programme of funding secured by local authorities across the West Midlands from various Levelling Up streams. Totalling nearly £600m, the region’s successes include eight town deals and four locations with long-term plans for towns. This funding, propelled by the ambition of the public sector, is bringing forward a number of impressive schemes and major regeneration.

It’s time for the next chapter in our success story. What role will you play?

HEAR FROM JOHN:

Affordable Housing: New & Future Delivery Models
22/05/2024 | 3:30 pm – 4:15 pm

John Godfrey will be speaking at Wednesday’s panel alongside Shokat Lal, Simon Davis and others. They’ll discuss how industry and local authorities can drive supply to meet the demand for affordable housing, which is expected to remain strong in 2024.

DON’T MISS:

WMCA Devolved Housing and Land Funds
22/05/2024 | 9:30 am – 10:00 am

How to spend it – Cash & the Interventionary Power of Local Government
22/05/2024 | 10:00 am – 10:45 am

The West Midlands has been hugely successful in securing nearly £600m of “Levelling Up” funding and was the first region to announce new “Growth Zones”. Bolstered by its large-scale enablement funds for brownfield development, the region retains significant interventional power, despite an environment of tightening local government finances.

Join a panel of leading experts, including leaders from Sandwell, Solihull and Walsall Councils respectively, to gain a unique insight into the plans and ambitions of our local authorities as they discuss how this money is best deployed.

• Councillor Adrian Andrew, Deputy Leader at Walsall Council
• Councillor Ian Courts, Leader at Solihull Metropolitan Borough Council
• Shokat Lal, Chief Executive at Sandwell Metropolitan Borough Council

12/22/2023
The West Midlands has become the first region in the UK to get new ‘Growth Zone’ powers, capable of generating more than £1.7bn for local councils.

Three Growth Zones have been set up with councils able to retain business rates for 25 years and will use the funds to level-up and grow the area, whilst tackling issues causing deprivation, fuel poverty, jobs, skills and health.