2021 Manifesto FINAL DRAFT - Flipbook - Page 24
It will happen by seeing the
changing world as an opportunity.
It will happen by working out what
the West Midlands is good at and
best placed to do among the
emerging high-demand areas. It
will happen by being known for
building on our strengths so that
we can provide secure and decent
jobs both now and in the future. It
will happen by moving to a homegrown, localised economy based
on small businesses and
innovation that generates money
for our economy and keeps it
here.
It will happen by having a vision
for our economy that thinks
beyond the next election.
A home-grown, resilient
economy
If a supermarket opens, of every
£1 spent there, just 5p remains in
the local economy. If a local shop
opens, 50p of every £1 spent
remains in the local economy. So
it’s obvious that working to
nurture home-grown SMEs and
co-ops in the West Midlands
needs to be a priority if we are to
build a prosperous local economy.
If we’re serious about helping the
least well-off areas to catch up,
we have to grow enterprise in
those very communities. This
means helping companies to start
up in every area, rather than just
improving the transport network
and hoping wealth created
elsewhere will trickle down.
An economy based on more small
businesses and co-operatives will
also be more resilient. If a
multinational company opens a
factory in the West Midlands, they
can as easily shut it and move it
somewhere else if the economic
conditions change. If someone
who lives in Wolverhampton starts
a business there, it’s very unlikely
to move anywhere else. In the
wake of Brexit this makes clear
sense.
Economy
world embraces the reality and
opportunities that the new century
is bringing.