• Home
  • About
  • Subscribe
  • Conference
  • Events Calendar
  • Webcast151
  • MOTB
  • Log In
  • Register

Room 151

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews

West Midlands to establish finance commission

0
  • by Colin Marrs
  • in 151 News · Resources
  • — 26 Jul, 2017

Andy Street. Photo: WMCA

West Midlands Combined Authority (WMCA) will create a commission to identify ways it can generate its own revenue.

The commission—which mirrors a similar body created in London—is aimed at making better use of existing powers and finding innovative new ways of financing infrastructure and housing.

Tony Travers, who previously chaired the London Finance Commission, is among those who have agreed to serve on the commission.

Andy Street, elected as mayor of the West Midlands earlier this year, said the city region has become too dependent on direct funding from government.

He said: “Of course, our relationship with government is vital and we need their support to give us a strong economy.

“But in the longer term, we need to become less reliant on government, stand on our own two feet and begin to control our own destiny and, at the same time, move on the devolution agenda in this country.”

Street said that the commission might consider land value capture mechanisms, as well as public sector pension fund investment.

Earlier this year, Birmingham City Council leader John Clancy launched a £45m “Brummie Bond” to raise cash for new housing.

Clancy, along with Street, has announced ambitious plans on raising finance and expressed support for the commission.

Clancy told Room151: “I am encouraged by the move to establish a West Midlands Finance Commission which will investigate ways to find new sources of funding for local government. This has never been more urgent against a backdrop of continuing austerity and a broken government overwhelmed by Brexit negotiations.” He added that Birmingham is exploring further bond issues.

Other members of the commission will include Isabel Dedring, global transport leader at Arup and former deputy London Mayor for Transport; former Birmingham City Council chief executive Stephen Hughes and Louise Bennet, chief executive of Coventry & Warwickshire Chamber of Commerce.

WMCA is not currently releasing any more details of membership, beyond saying the commission will be made up of 15-20 experts with expertise across local government and finance.

Plans for the new commission were approved at a WMCA board meeting last week. Board papers said that the commission will produce a formal report, or series of smaller reports “summarising the funding  streams to be  prioritised and the key actions required to deliver such funding”. Discussions have been  held with  accountancy firm PwC  about providing  support  to  the  project  team at an estimated cost of £50,000.

Initial findings by the commission are expected by the end of 2017.

Setting up the commission fulfils a promise made by Street in his mayoral election manifesto. He said: “I’m really pleased that we’ve managed to get the right people involved in this and I am hopeful we can have some firm proposals on the table to discuss with government by the end of the year.

“Ultimately, in order to achieve what we want to for our region—to fund the projects and make the investments we need to become the UK’s powerhouse—we need to be ahead of the curve and this work will enable us to do just that.”

Get the Room151 Newsletter

Share

You may also like...

  • MHCLG ‘concerned’ over councils’ investment code compliance MHCLG ‘concerned’ over councils’ investment code compliance 26 Mar, 2019
  • Croydon seeks institutional cash for housing development Croydon seeks institutional cash for housing development 23 Mar, 2017
  • Inter-authority lending rockets by £2bn Inter-authority lending rockets by £2bn 11 May, 2017
  • Portsmouth eyes borrowing boost to buy office development Portsmouth eyes borrowing boost to buy office development 13 Jun, 2019

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • Register to become a Room151 user

  • Latest tweets

    Room151 3 hours ago

    How can local government ‘build back better’?: Beverley Gower-Jones looks at the options for driving small business entrepreneurship in clean technologies. Innovation is essential for local authorities to save money and reduce emissions, it is the… dlvr.it/RtT3nS pic.twitter.com/bSMB6OG70t

    Room151 6 hours ago

    Helen Randall: Spelthorne report places spotlight on ‘controls’: Fresh criticism of Spelthorne Council raises the question of what “good” controls look like when negotiating a property deal. Spelthorne Council’s continuing debacle over property… dlvr.it/RtSPhy pic.twitter.com/9uCOJgBcH6

    Room151 6 hours ago

    Step-out strategies: Hitting the sweet spot between liquidity and ultra-short duration: Sponsored article: Jemma Clee describes how an ultra-short duration strategy can help local authorities enhance returns. Despite the expectation of a low, and… dlvr.it/RtSPZb pic.twitter.com/pdXPpv5lcN

    Room151 1 day ago

    What role will climate change have on the pricing of government bonds?: Sponsored article: Kerry Duffain finds that “vulnerability and resilience to climate change” have a significant impact on the cost of government borrowing. Ardea Investment… dlvr.it/RtNKv7 pic.twitter.com/wDjT31x4Yt

    Room151 2 days ago

    ESGenius: Slashing emissions will fuel green growth for decades: Sponsored article: Velislava Dimitrova argues that a big enough investment could mean transition to a low, or no, carbon economy can become a reality. The world needs to slash carbon[...] dlvr.it/RtKZJp pic.twitter.com/cd8S3ijERl

    Room151 2 days ago

    Prudential code: “Not perfect, but its heart is in the right place”: The new Prudential Code offers revised rules for borrowing. Nikki Bishop is sceptical it will work while Gary Fielding offers his support. Nikki Bishop I have been asked to give[...] dlvr.it/RtKZFh pic.twitter.com/OriN28lXcb

    Room151 3 days ago

    Tremendous report from @MarkSandford3 citing @room_151 no fewer than six times (despite what the @lgcplus fact checking/counting dept might tell you) #localgov commonslibrary.parliament.uk/research-brief… 1/5

    Room151 1 week ago

    Dan Bates: Capitalisation directions are not the only tool for rebuilding finances: Dan Bates argues deep seated problems are contributing to a rush for capitalisation directions. For some time now we have been reading that a number of councils are in… dlvr.it/RspKff pic.twitter.com/xRRsgVim9u

    Room151 2 weeks ago

    Is local government funding “broken”?: Andrew Hardingham looks at the underlying issues that caused more than a third of respondents in the Room151/CCLA treasury survey to say that the funding system for local govenrment is[...] dlvr.it/RsYhsg pic.twitter.com/plNp7Ayys6

  • Categories

    • 151 News
    • Agent 151
    • Blogs
    • Chris Buss
    • Cllr John Clancy
    • Dan Bates
    • David Crum
    • David Green
    • Development
    • Forum
    • Funding
    • Graham Liddell
    • Ian O'Donnell
    • Interviews
    • Jackie Shute
    • James Bevan
    • Jobs
    • LGPSi
    • Mark Finnegan
    • Recent Posts
    • Resources
    • Richard Harbord
    • Stephen Fitzgerald
    • Stephen Sheen
    • Steve Bishop
    • Technical
    • Treasury
    • Uncategorized
  • Archives

    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    • 2012
    • 2011
  • Previous story Gloucester council borrows £80m for property fund
  • Next story Energy: the next great opportunity for local government

© Copyright 2021 Room 151. Typegrid Theme by WPBandit.