Pictured above: Mick Laverty, chief executive at Advantage
West Midlands
Advantage West Midlands has completed a detailed update of its
Corporate Plan for the Government and confirmed £1.1 billion
worth of funding for projects that will balance support for
businesses and communities during the recession with longer term
plans to ensure the region is prepared for the economic upturn.
The Government had requested the update in May this year against
the backdrop of a global economy which had deteriorated since
Advantage West Midlands (AWM) first published its Corporate Plan
for 2008-11 in May 2008. The update will enable the Agency to:
• Respond effectively to the dramatically changed economic
conditions
• Provide even greater levels of support to the region's
business.
AWM announced a £64 million package of support in
September to set up a loan fund for SMEs, a grant for property
developers and more funds for the Manufacturing Advisory Service
and Business Link network
• Manage the Agency's financial position responsibly
following reductions to its budget over the remainder of the
Corporate Plan period including a £48 million cut in
Government funding and a reduction in estimated land and property
receipts of around £20 million.
The Agency has now re-prioritised its investment plans and
undertaken a detailed review of its project portfolio. In
total, AWM has reviewed 906 projects. Of these, 600 are already
legally committed and AWM has confirmed that these are unaffected
by the review.
A further 184 projects in the pipeline have been confirmed and
AWM will continue to develop the projects with partners, with the
support of AWM funding.
Together, over their lifetime, these 784 projects will receive
£1.1 billion of funding.
Another 122 projects are no longer allocated AWM funding during
the current Corporate Plan period.
Mick Laverty, chief executive at Advantage West Midlands, said:
"Undoubtedly the review has been challenging for us in terms of
making choices and communicating difficult messages to
partners.
"The projects affected were still in the approval process - in
terms of our day-to-day activity, it's business as usual. "Not
one legally contracted Agency project has been affected by this
review.
"In total, some 784 projects are being progressed - and these
will continue to support businesses, help people improve their
skills and transform places through physical regeneration and
infrastructure improvements.
"Where possible we will work with partners to explore whether
there are alternative ways of delivering projects that have been
adversely affected.
"We remain absolutely committed to working with partners to
deliver the best possible outcome for the West Midlands region -
and our revised Corporate Plan reflects responsible financial
management of taxpayers' money during difficult economic times for
everyone."
During the project review, AWM took into account the lessons
learned from the National Evaluation (March 2009) on the impact of
regional development agency investment, which demonstrated where
greatest return on investment can be achieved.
The report showed that overall AWM is delivering £7.45 of
benefit to the region for every £1 spent.
The West Midlands Regional Funding Advice, which identifies 20
'Impact Investment Locations' across the region as priorities for
investment in transport, housing, regeneration and economic
development, was also used as part of the project review's
decision-making process. AWM will continue to support these
priority locations following the review.
A snapshot of priority projects around the region includes:
• Birmingham - the Birmingham Gateway scheme to transform
New Street rail station, the Birmingham International Airport
runway extension, redevelopment of the former MG Rover car plant
site at Longbridge and development of the city's Eastside area
• Black Country - Bilston Urban Village and i54 technology
park near Wolverhampton, Walsall Waterfront and the Business and
Learning Campus at Walsall College; the development of
Sandwell College and redevelopment of West Bromwich Town Centre
• Coventry and Warwickshire - Ansty Park, the flagship
technology, research and development site, a number of projects at
Warwick and Coventry Universities and the development programme to
transform Coventry City Centre
• North Staffordshire and Staffordshire - the University
Quarter and Business District, as well as the East West Transport
Interchange; the Granary at Weston Park
• Shropshire - Blists Hill Victorian Town development, near
Ironbridge, the Donnington (Telford) Railfreight Terminal,
regeneration of Telford town centre, the Shropshire Food Enterprise
Centre
• Worcestershire - St Clements Gate land assembly in
Worcester, Malvern Science and Technology Park and Advanced Sensors
Innovation project at Qinetiq; refurbishment of Evesham High Street
and the proposed Worcester Technology Park, Junction 6 of the
M5.
• Herefordshire - the Edgar Street Grid project to develop
100 acres of land at the heart of Hereford city centre
European funding for the region, primarily through the ERDF and
RDPE programmes, is unaffected by the review.