The deal for Birmingham, announced this week, has the potential to create nearly 11,000 new jobs and with over 50% of Tamworth’s population employed across Birmingham this deal can only benefit the employment prospects for Tamworth residents.
The announcement, which was made by Communities Minister Andrew Stunell, Deputy Prime Minister Nick Clegg and Cities Minister Greg Clark, will give the City new powers to build infrastructure, create jobs and train local people with the right skills to fill them.
It represents a major shift in the powers and levers available to local leaders and businesses so they are able to shape their economic futures, boost local growth and get the national economy going.
Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP), of which Tamworth Borough Council is a member of, has been instrumental in the negotiations with Cities Minister Greg Clark to secure the unique deal. It will focus on investment in life sciences, expansion of the Green Deal programme and the launch of a Skills for Growth Compact that will look to commit employers, colleges and schools to investing in skills and guaranteeing work opportunities for learners. This approach will result in a quarter of the City’s businesses taking part and the creation of 3,560 apprenticeships.
The City Deal will also create GBS Finance, an investment fund of £1.5bn that will manage, invest, recycle and leverage a number of public and private sector funding streams to deliver local infrastructure projects whilst becoming a model for sustainable funding and growth.
It is anticipated that, because of the new financial powers, in excess of £15bn of private sector investment over 25 years could be secured.
Andy Street, Chair of the Greater Birmingham & Solihull Local Enterprise Partnership, said,
“From the moment we were invited by Government to put together our vision for the City Deal, we looked at our assets and the key economic challenges before setting about outlining the proposals that will bring about sustained economic growth. Not only will the City Deal support immediate job creation but it will also improve our skills base and invest in our infrastructure to meet the economic needs of the future.
“This is the first step towards a new way of working with Government, providing the foundations upon which to build through further negotiations. We welcome the Government’s commitment to the City Deal and the opportunity it gives us to fulfil our potential.”
The City Deal is focused on delivering a diversity of economic benefits for the Greater Birmingham and Solihull area and these include:
- 10,800 additional jobs, building on the 40,000 created by the Enterprise Zone in Birmingham City Centre
- Leverage in over £15bn of private sector investment over 25 years from £1.5bn of public funding
- A single settlement to cover all economic development funding
- An Institute of Translational Medicine to respond to national unmet need, unlock growth potential in the NHS and create a resource for SMEs and international pharmaceutical companies
- A world-class skills system which meets the needs of employers and fulfils expectation of employees
- 3560 apprenticeship grants to be delivered by March 2013
- In excess of 2800 additional new homes through the use of public assets
- At least 100% capital return on current market value of public assets
- 15,000 homes refurbished, delivering savings in domestic energy usage of 108Gwh and 26 ktonnes pa of CO2
- 40 public buildings refurbished delivering savings in energy usage of 46Gwh and 10ktonnes pa Of CO2
- Retrofitting to the properties of 1500 people on pension or disability premium and 2,250 people in fuel poverty