Multi-billion pound investment in 'new economic model' - what does it mean for the Midlands?
Rachel Reeves has announced the Midlands is set to receive over £4.4 billion pounds of economic investment as part of next week's Spending Review.
It's part of what she calls a "new economic model - driven by investment in all parts of the country, not just a few". The funding comes out of a £15.6 billion pound funding pot for local transport projects across England.
The government insists that it is important to prioritise regional economies to make all parts of the country better off.
And the Midlands will now receive money for local projects that are aimed at making a difference.
What funding is the East Midlands getting?
The East Midlands is set to receive £2 billion pounds to overhaul its transport infrastructure. This would include:
Funding of a new mass transit system to connect Derby and Nottingham. Including road, rail and bus improvements.
This would support connections across the Trent Arc Corridor and will be used on road projects including the Chesterfield-Steveley regeneration route and A614 and A6097 improvements.
Mayor of the East Midlands Claire Ward said: "This is the largest transport investment our region has seen in a generation.
"This is the moment we begin to put right decades of underinvestment. From everyday frustrations to major barriers to growth, poor transport has held our region back for too long.
"Whether you're a student weighing up college options, a small business struggling to recruit, or a visitor-facing venue trying to grow footfall. I know what happens when transport doesn't work. Fixing it is central to my Mayor's Transport Plan, and now we have the resources to deliver real, tangible change.
"I look forward to working with partners across the East Midlands to deliver these improvements. Better transport doesn't just move people. It powers opportunity, unlocks growth, and connects us to a better future."
What funding is the West Midlands getting?
The West Midlands is to receive £2.4 billion for local infrastructure in the city. This will include:
Buses, tram and local train improvements.
Metro extension to Birmingham's sports quarter, delivering transit from East Birmingham to North Solihull.
Hoped that the transport changes will unlock private investment from businesses down the line.
Richard Parker, Mayor of the West Midlands said: "This investment also unlocks a nationally significant infrastructure project that will transform East Birmingham and North Solihull into one of the UK's key growth corridors - driving thousands of new homes and jobs and bringing opportunity to communities that have been held back for too long."
The next stages in both the East and West Midlands will surely involve a lot of planning and preparation work. But the mayors of both regions are insistent they are committed to bringing about transport change across the Midlands.
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