WMCA allocates more than £100m to housing in 2024-25 budget
The West Midlands Combined Authority (WMCA) has approved a £1.2bn budget for 2024-25, more than £100m of which will go towards housing.
Almost £95m of capital funding is allocated to housing and regeneration, with investments focused on unlocking and regenerating more brownfield land. A further £12.4m is earmarked for social housing and £1.4m for other net zero schemes.
Developments will deliver new, energy efficient and affordable homes, as well as commercial premises for job-creating businesses, helping to protect the green belt in the process, the WMCA said.
WMCA’s board, which includes the leaders of the seven West Midlands metropolitan councils, approved the budget on Friday. It came ahead of the government’s announcement on brownfield reforms today, aimed at boosting development on derelict sites in cities.
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Around £194m of skills funding is allocated to the WMCA’s economy, skills and community team, which will work closely with local authorities to fund training courses that give people the opportunity to upskill.
This will include more training matched to those industries suffering skills shortages, as well as growing sectors such as construction, digital and the emerging green industries.
The funding will also go towards protecting existing services and helping people facing cost of living pressures.
Bob Sleigh, deputy mayor and WMCA portfolio holder for finance, said: “I’m pleased we have yet again been able to protect services and put forward a balanced budget despite the uncertain global situation and cost of living pressures.
“We have agreed a budget that supports our ‘Plan for Growth’, which looks to build a low-carbon and resilient regional economy.
“It also focuses on the things that are important to people like having the skills needed to get a decent job, an efficient transport network, homes that are affordable and energy efficient, and other measures aimed at tackling fuel poverty and climate change.”
Andy Street, mayor of the West Midlands and chair of the WMCA, said: “It’s no secret that the last year has been a challenging time for households, businesses and local authorities.
“The WMCA is not immune from this, so it’s good news that despite those challenges, we’ve come together as a team to safeguard the outcomes that local people rightly expect us to deliver, including when it comes to transport, skills and housing.
“We continue to be prudent and measured in our financial management, but this budget remains laser-focused on improving the lives of local people right across our region.
“We’re making hundreds of millions of pounds available to ensure residents can gain the skills they need to succeed and secure the high-quality, well-paid jobs of the future, find affordable homes to buy or rent, and benefit from a reliable and sustainable transport network.”
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