Chancellor Rachel Reeves highlights 'big opportunities' for Wolverhampton at Regional Investment Summit

The Labour Minister was a co-host at the major event, held at Edgbaston Cricket Ground in Birmingham, along with Mayor of the West Midlands Richard Parker and Secretary of State for Business and Trade Peter Kyle.

On Tuesday (October 22) she set out a raft of measures aimed at boosting economic growth - including measures to reform the company merger process, regulations for drones and reforms for artificial intelligence (AI) - at the event which brought together business leaders, investors and developers.

The Regional Investment Summit highlighted a number of key developments that aim to drive growth in the West Midlands including transforming Digbeth into the UK’s creative industries hub for TV and film-making, the Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street and the £1.9 billion Smithfield development.

Speaking to the Express & Star she said there are also “big opportunities” in Wolverhampton and an aim for residents across the wider region to benefit from the growth that is on the cards.

She said: “Richard Parker today in his speech spoke about additional housing in Wolverhampton and the investment that’s going into Wolverhampton and there’s big opportunities there because there are good train links into Birmingham city centre from the city of Wolverhampton. 

“We want to make sure that wherever you live in the West Midlands you can benefit from growth across the region.

“That’s the benefit of having a regional Mayor who can take that broad look. 

“We’re also able to announce today investment in West Bromwich - an area probably where previous Chancellors didn't focus on but we have focussed on because we want to make sure all parts of the UK benefit from that investment."

The summit coincided with the announcement that a new state-of-the-art Freshways dairy will bring more than 200 jobs to West Bromwich. The British dairy business has teamed up with IDMC in Gujarat, India, which has manufactured more than 200 pieces of specialist equipment for the site which is expected to start production by the end of the year - with a raft of new job opportunities available.

Ms Reeves welcomed the investment and highlighted developments such as the Metro, which she said will be extended to east Birmingham and onto Solihull, and light rail facility in Coventry, and she added: "I know there are big opportunities particularly around Wolverhampton train station for more housing investment and I know the three local MPs there, including my cabinet colleague Pat McFadden, are very focussed on bringing more investment and opportunities to Wolverhampton.”

The Chancellor did acknowledge the economy is “not working as it should” as she vowed to use the autumn Budget on November 26 to “take the necessary steps” to secure stability.

Among her pledges were plans to create simpler corporate reporting rules for more than 100,000 businesses, including removing the need for small business owners to submit lengthy director reports to Companies House.

She told the summit: “Our mission is clear: to create the right environment for investment through our regulatory reforms, to crowd in capital through our public financial institutions, and to break down silos to collaboration on local projects, supporting innovation and growth throughout the UK.”

The investment committed as part of the regional summit would lead to the creation of “thousands of jobs” and “homes and services for people in their daily lives”, the Chancellor said.

She said she knows “there is further to go until we have delivered economic growth in every part of Britain” but stressed: “We will go further to boldly regulate for growth, not to hold business back with arbitrary rules.”

Later, speaking to journalists, she was in very buoyant spirits despite the gloomy news that Government borrowing in September hit the highest level for the month in five years, according to figures from the Office for National Statistics (ONS).

She would not be drawn on what will and what won’t make it into the November 26 Budget, which will see the Chancellor try to plug a black of hole in the public finances estimated to be around £50 billion by some economists.

She told the PA news organisation when quizzed on possible tax raises: “We’re still awaiting the final forecast from the Office for Budget Responsibility and I’ll set out the Budget next month.

"There’s a lot of people who claim to know what is going to be in that Budget and what the numbers will say. They don't: it’s my Budget and they are my choices, and frankly some of the speculation is ridiculous and in some cases damaging because it’s encouraging people to make decisions that are not the right ones and based on speculation rather than facts.”

She said world events such as the war in Ukraine, conflict in the Middle East and higher trade tariffs, plus “the inheritance we faced from the last Government in terms of the state of the public finances and public services” have all put pressure on the economy along with increased defence spending but she added: “I’ll set out all my plans based on the world as it is - not necessarily the world I might like it to be in the budget on the 26th of November.”

She told journalists that despite all of the pressures investment is “absolutely essential if we're going to achieve our potential and if we’re going to spread that opportunity right across the UK including here in the West Midlands”.

She told how the Government has kept capital and day-to-day spending separate, adding: “That is what can deliver a step change."

A host of big businesses were represented at the event including KPMG UK.

Andy Bostock, Birmingham office senior partner at KPMG UK, welcomed some of the plans unveiled by the Chancellor to help businesses to grow and he said afterwards: “Today’s Regional Investment Summit underscores that unlocking growth requires both ambition and action. We welcome the Chancellor’s goal of saving £6 billion a year for UK business by cutting red tape because growth isn’t just about capital, it’s about giving firms the confidence to invest and scale.

“By supporting this summit, we’re saying loud and clear that the regions must remain a part of the conversation on growth. When government and businesses pull in the same direction, the benefits to jobs, innovation and prosperity reach every region. At KPMG, we’re proud to work with businesses right across the Midlands, helping them to scale with confidence and deliver sustainable growth.”