Councils in the Black Country have rejected calls for their shares in Birmingham International Airport to be sold.

Every metropolitan authority in the West Midlands, including all four in the Black Country, own shares in the airport which between them make up a 49 per cent stake worth hundreds of millions of pounds.

But the Government wants civic buildings, the nationalised bookmaker Tote and other assets sold off to reduce national debt, and has asked councils to follow suit.

Birmingham City Council has already refused to go along with the plans set out by business secretary Lord Mandelson, who wants to raise £16 billion by selling government assets. And the leader of Labour-led Sandwell Council, Councillor Bill Thomas, went against his own party by disagreeing. He said: “I do not agree with the statement from central government.

“It is important that we keep our share holdings in Birmingham International Airport on behalf of Sandwell residents.

“It is vital to the development of the region and for that reason the councils need to be involved with it.”

Wolverhampton finance chief, Councillor Wendy Thompson, agreed. She said: “I don’t think the Government should be telling any local authority how to manage assets.

“Given the state of the public finances the last thing they should do is tell us what to do. We’ve no plans to act on this.”

Walsall Council leader Mike Bird said: “Walsall’s shares in Birmingham Airport are not for sale. I am on the airport board and there is absolutely no chance of that happening.”

Councillor Anne Millward, leader of Dudley Council, said: “We have no plans to sell shares in Birmingham International Airport.

“Our involvement with the airport raises valuable revenue for the council.”

Birmingham City Council chief executive Stephen Hughes has said the authority’s assets were for the long-term good of city people.

Lord Mandelson wants to see business parks, industrial estates, leisure centres and airports sold to pay off debt but continue Labour’s public spending.

Birmingham International Airport is 49 per cent owned by Wolverhampton, Sandwell, Dudley, Walsall, Solihull, Coventry and Birmingham councils. Airport Group Investments Limited owns 48.25 per cent and paid £420m for the shares in 2007.