Cancelled projects remain unidentified as Advantage West Midlands attempts to fill £68m funding shortfall
The regional development agency for the West Midlands, Advantage West Midlands, has shelved 122 projects previously due to be carried out during the current spending period. The RDA has to fill a £68m funding shortfall.
During the period 2008-2011, it said 784 projects would receive £1.1bn of funding, but that 122 projects would no longer receive investment.
AWM would not say which projects were being cancelled but gave assurances to Birmingham New Street and redevelopment of the former Longbridge plant. Funding will not be cut to projects which are in the pipeline or which have already received funding.
The budget for the period had been reduced following a reduction in estimated land receipts of £20m and an apparent central government “raid” of £48m.
Mick Laverty, chief executive of AWM, said the review had been “challenging” and continued:
“Where possible we will work with partners to explore whether there are alternative ways of delivering projects that have been adversely affected.
“We remain absolutely committed to working with partners to deliver the best possible outcome for the West Midlands region – and our revised Corporate Plan reflects responsible financial management of taxpayers’ money during difficult economic times for everyone.”