£4 billion investment to boost housing and jobs

Midlands Message Read in browser Subscribe to Midlands Message Midlands Message is edited by Richard Guttridge Get in touch at richard.guttridge@reachplc.com Major £4 billion investment to boost housing and jobs in region announced West Midlands Mayor Andy Street (left) has hailed the deal. A £4 bi

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Subscribe to Midlands Message Midlands Message is edited by Richard Guttridge Get in touch at richard.guttridge@reachplc.com   Major £4 billion investment to boost housing and jobs in region announced West Midlands Mayor Andy Street (left) has hailed the deal.

A £4 billion deal to bring new housing, jobs and regeneration to the West Midlands has been announced. Pension group Legal & General will pump massive investment into the region by funding major projects over the next seven years. The FTSE 100 firm, one of the world's largest asset managers, will back a range of large-scale developments, which might prove beyond the scope of smaller developers, reports Thomas Cramp. And it's been announced the first project to receive funding will be The Junction in Oldbury, a brownfield site that has been unused for over 20 years. The major deal will mean sites such as this which have lay dormant for years can be unlocked in order to provide much-needed new homes and business space, while protecting the green belt. The agreement will fund developments providing a minimum of 20 per cent affordable housing and also use the 'brownfield first' approach to regenerate derelict land and eyesore sites across the region. Delighted West Midlands Mayor Andy Street said the deal would be a gamechanger for the region. He said: "That's £4bn to be spent over a period of seven years and what it means very simply is more cranes, diggers, commercial investments, housing investments across the whole of the West Midlands. "It's unprecedented in its scale, and it's the first time a deal of this size has been done between a combined authority and one of these investors." It's likely that future developments will be in line with key sites which chiefs have already identified and are contained in the West Midlands Investment Prospectus. Mr Street added: "So this is about people getting into good long-term jobs, and that's what ultimately lifts people from having to be involved in food banks."

Tory Mayor says Government must do more to help poorest Speaking of Andy Street, the West Midlands' Tory Mayor has added his voice to calls for the Government to take immediate action to help ease the cost of living crisis for the poorest families. Mr Street used his words carefully this week, and was cautious not to be too critical of Boris Johnson and Rishi Sunak. The Conservative Mayor insisted the Government had implemented measures to soften the impact of soaring bills but added more short-term help was needed. It comes as pressure continues to build on the Prime Minister and Chancellor to do more to help struggling families after inflation climbed to its highest level in 40 years, amid reports of shortages at food banks as volunteers struggle to keep up with demand. Mr Street said: "Nationally, the Government has introduced cuts to fuel duty, is raising the National Insurance threshold from July, has reduced the Universal Credit taper rate and increased work allowances for the self-employed. Rebates on energy bills will also help. "However, there needs to be more short-term help with energy bills, best delivered via the Warm Homes Fund, which provides a way of targeting support." The Mayor said he "expected" the Chancellor to intervene over the coming months before energy bills are expected to shoot up again later this year. "While I believe the Government is right to reject the idea of reducing VAT on energy – which would simply reward the biggest users – I do expect that the Chancellor will act again before autumn to help those who are struggling," he said.

What we're reading There is further evidence of the scale of the national ambulance crisis, with heart attack and stroke patients waiting nearly an hour for emergency help in the West Midlands on average. Agenda Editor Richard Guttridge reports. Richard also reports how half of patients at Birmingham's main hospital trust who had operations cancelled at the last minute earlier this year did not have them rescheduled within a month, as NHS rules say they should. Birmingham MP Khalid Mahmood has been accused of unfairly dismissing his former aide and ex-lover. He's the subject of an employment tribunal, where Elaina Cohen claimed she was 'ghosted' after she made serious allegations against a colleague. Politics and People Editor Jane Haynes brings us the latest. A new electric vehicle charging super hub, said to be one of the largest in Europe featuring 182 charging points, will be built at the NEC. Midlands Business Editor Tamlyn Jones has the story. Elsewhere, things have gone futuristic in Coventry, where the world's first airport for flying taxis and drones has launched. Local Democracy Reporter Ellie Brown went to check it out. Ellie also reports how a Coventry charity that is a lifeline to struggling families faces being made homeless due to a major redevelopment in the city centre. Hotspots for smoking, obesity and alcohol-related hospital admissions highlight glaring health inequalities between areas of Derbyshire, reports Eddie Bisknell. Rhi Storer gives us a rundown on the new-look Birmingham City Council cabinet following the local elections and a dramatic leadership contest. Rhi also reports how the former leader of the Sandwell Conservatives has been reappointed, despite previously standing down over offensive social media posts.

Get in touch with us! Midlands Message is a newsletter covering politics and public affairs from across the Midlands. We aim to bring you news and expert analysis about the issues that matter to our region, and highlight the key stories from journalists across the Midlands. Send tips, comments or suggestions for how we can improve to Richard Guttridge.  You can also follow us on Twitter. And if you value what we do, please help us grow by passing on the message to others. They can sign up to Midlands Message here. See more stories

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