Economy and Skills
Business Resilience and Productivity Programme
£1.2bn capital £721m revenue
Summary
This programme provides pan-West Midlands support for our businesses – supporting them to become more resilient and productive, benefitting our residents, the West Midlands and wider UK economy. Interventions are in five areas:
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Business Transformation and Diversification, including low carbon programmes (eg Repower the Black Country); targeted sector growth support (e.g. Made Smarter in the West Midlands); and support for major inward investment and sector transformation - such as electrification of auto and aero supply chains including a Gigafactory and Project GREAT
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Strategic Business Leadership Skills to support changes in business models
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Equity Finance, including a Fund of Funds and early stage industry co-investment fund
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Business-led Innovation and Research & Development, including the ‘Speed to Scale’ programme
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Place-based Enterprise Growth, providing intensive support in business growth ‘cold spots’
Outcomes
- Creation of an additional 80,000 new jobs
- Increase in five-year survival rates for businesses (currently 42.1% of business births) to above the UK average (42.4%)
- Productivity growth of 3.5% year-on-year across businesses participating in programme (to meet WM GVA targets)
- 2,200 businesses exporting for the first time
- 5,000 business bringing new products or services to their business or market
An Integrated Employment and Skills Ecosystem
£168m capital £564m revenue
Summary
A programme of integrated employment and skills support focusing on the most hard-to-reach communities, tackling inequalities that have been exacerbated by coronavirus.
Getting the West Midlands Back to Work:
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Co-commissioning employment support with the Department for Work and Pensions (DWP) and Job Centre Plus
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Directing post-EU regional development funds into key gaps identified through our Employment Support Framework
- Implementing Thrive into Work IPS (Individual Placement and Support) model across the region
Future Skills, Future Jobs:
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Expanding successful reskilling training programmes, linked to growth sectors including digital, construction, fintech, health and technology, low carbon and retrofitting
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Improvement of skills training facilities across further and higher education estates
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Using our Adult Education Budget to ensure there are clear pathways to higher levels and that those with no qualifications can be supported
Outcomes
- Close our regional skills gap by training 154,000 residents in Level 3-4 technical skills and 164,000 residents in Level 4-5 skills
- Deliver employment support to around 101,000 residents, supporting 31,000 unemployed residents into work and 5,500 employed residents with in-work progression
- A regional co-commissioned employment support plan that aligns DWP, Department for Education and post-EU funding to ensure coherent services and support
- High quality employment support for 8,400 people with health issues or disabilities, moving 2,800 people into work
Culture & Placemaking Investment Programme
£295m capital £74m revenue
Summary
This programme will maximise the value of investments made in UK City of Culture, Coventry 2021 , British Art Show No9, Black Country UNESCO Global Geopark and Birmingham 2022 Commonwealth Games. The package includes:
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Enhancing the role of culture and tourism in towns and neighbourhoods, through investments in events, community schemes, and cultural and tourism infrastructure
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Support to restart cultural businesses, including leadership development, business model innovation, and improvements to the skills pipeline
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Development of cultural clusters, through investments in digital technology and brokerage organisations
Outcomes
- Positioning region as ‘world class destination’ long term, and higher world ranking for the West Midlands as a top destination for visitor and business economy
- Increased levels of talent retention
- Increase in internal migration and inward investment
- Region-wide economic impact- £4 bn
- Employment – 30,000+ jobs created or safeguarded