James Cubitt, Head of Colliers International’s Birmingham office, said: “Where the first devolution deal was very much focussed on giving WMCA the devolved powers to develop a delivery plan that would realise the full potential of HS2, via metro line extensions and the like. The second devolution deal builds on this and is really designed to support job growth for the region.
“The deal sets the West Midlands’ stall out for establishing the region as the global centre for new automotive development, leading the way in the research and development of electric and driverless cars. This builds on the region’s existing strengths in this sector, currently focussed around Coventry, but further funding and support offers an excellent focus for developing this for the benefit of the region as a whole. As an electric car driver myself, I realise the importance they play in our future and the Midlands has a real opportunity to be at the forefront of a sector that is very much on the Government Agenda and set to grow exponentially over the next few years.
“The Chancellor’s Budget talked about significant investment into tech and digital industrial with £500m investment earmarked for development of 5G, fibre broadband and artificial intelligence, as well as unlocking investment into knowledge-intensive, scale-up businesses. This is echoed in WMCA’s second devolution deal which sets out an agreement for the creation of a digital hub in Birmingham as part of the TechNation programme, which includes a share of a £2m pilot for Coventry and Warwickshire for ultra-fast broadband roll-out. I can see an area like Digbeth becoming a hotspot for tech companies as a city fringe location.
“The deal also outlines delivery plans for housing in the region which should be of great assistance in addressing the housing shortage. An increase in supply, combined with the Chancellor’s relaxation of Stamp Duty for first time buyers will invigorate the market and hopefully narrow the wealth gap between young and old. With easier access to the housing ladder for young people alongside increased funding and support around job-generating sectors, the future looks bright for the West Midlands and all this feeds into the funnel to make the Midlands an attractive prospect for investment and future development.”
