Advantage West Midlands is to axe almost £35m from various infrastructure projects and services across the West Midlands.
The regional development agency said the cutbacks had had to be made after the government ordered it to reduce spending. The agency said that as a result of the in-year budget cuts and the subsequent Government announcement that RDAs were to be scrapped, it had had to cancel its forward programme of pre-legal pipeline projects.In all, 121 projects have either had their funding reduced or axed altogether. This will place even more importance on private investment from sources including angel investor networks as public sector cuts begin.
The news comes on the back of more bad news for Britain’s second city. Manchester has leapfrogged Birmingham to become the best UK city outside London as a location to do business according to The 2010 European Cities Monitor, published by property consultants Cushman Wakefield, ranked Manchester as the 12th-best city in Europe in which to base a business this is up from 16th position in last year’s rankings. Birmingham fell from 14th to 18th in the rankings this year.