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2023 Investment Prospectus

Our new Deeper Devolution Deal

Our recent Devolution Deal with Government means we have new funding and powers to promote investment and growth, creating a favourable enabling environment. For example, we will be directly overseeing affordable housing investment across the region, establishing levelling up growth zones, and having a major say over the disposal of Government land – the first region to have this level of power and responsibility.

WM 2023 Devolution Deal – New local powers include:

  • New Single Regeneration Fund– £100 million up to 2026.
  • Affordable Housing – up to £400 million Affordable Housing Programme and greater influence over affordable housing delivery and strategy – the first time this has happened outside Greater London.
  • Government Land – involvement in decisions on major UK government land disposals and reconfiguration to drive regeneration and unlock private investment.
  • Levelling Up Zones – attracting 25-year Business Rates retention (with no reset) to drive local investment with the ‘six growth zones’ being considered for inclusion.
  • Housing Retrofit– from 2025, Government will pilot with the devolution of housing retrofit funding with the West Midlands.

Additionally, and separate to the Deal, the region has been invited to submit a proposal for an Investment Zone in order to maximise innovation and growth.