There is no time to lose if the regional economy is to address its output gap, according to Advantage West Midlands Chairman Nick Paul.
Mr Paul today (June 24) called on over 2,000 public and private sector contacts to work in partnership to close the region’s £10 billion output gap and help create a more prosperous and dynamic West Midlands.
The £10 billion output gap refers to the deficit between the West Midlands and the UK average – a figure that equates to £2,000 per man, woman and child in the region.
The announcement came at the launch of the West Midlands Economic Strategy Delivery Framework – the ‘roadmap’ for delivering the ambitions set out in the Regional Economic Strategy launched last December.
Mr Paul, said: “Everyone can see that the global economy is experiencing some incredibly tough times with the credit crunch.
“In order to get through it and build an economy capable of withstanding these pressures and exploiting new opportunities we need to act decisively, setting out what we intend to do here in the West Midlands, based on a sound plan and clear evidence, involving everyone in the region.
“Last year’s Economic Strategy focused on what we need to do to strengthen our economy over the next three years and why. The Delivery Framework takes that analysis a stage further, spelling out how the Strategy will be delivered and by whom. It sets out the detail about what role regional and local organisations and partnerships will have in that delivery.
“And my very strong message to the region is that there is no time to lose.”
Councillor David S Smith, chairman of West Midlands Regional Assembly representing all 38 local authorities together with business and other stakeholder groups said: “We represent the largest spend in the Region and drive regeneration at sub-regional level. It is therefore vital that we all recognise the urgent need to work together as partners to deliver sustainable growth and we will play our part in delivering the Region’s objectives.”
The WMES Delivery Framework names over 140 organisations and partnerships from across the West Midlands Region, identifying 20 organisations and partnerships as ‘strategic lead’ for each area for action.