It’s time for a fundamental reset in our understanding of what the region's businesses need to fulfil their growth potential.
The Business Commission West Midlands provides a roadmap for unlocking business growth across the region. The Commission has been delivered by the Greater Birmingham Chambers of Commerce’s Insight & Intelligence Unit, in partnership with the Black Country and Coventry & Warwickshire Chambers of Commerce.
Over 130 organisations participated in the evidence hearing stage of the Commission and a further 400 local businesses were surveyed as part of the evidence base for the Roadmap for Growth. Following the publication of this Roadmap, the Chambers are now working with stakeholders and partners to make the Commission’s recommendations a reality as well as directly supporting businesses in embracing the opportunities and overcoming the challenges identified.
Latest news on the Business Commission West Midlands
Why was the business commission West Midlands Convened?
The West Midlands is an excellent place to start, grow or invest in a business. The West Midlands saw the country’s highest year on year growth in FDI projects between 2022-23 and 2021-22. The region is home to 12 higher education institutions, educating over 150,000 students and producing over 50,000 graduates each year. It is one of the best-connected places in the country by road, rail and air and set to become even more so with the advent of HS2.
However, fundamental issues remain which continue to impact our long-term growth. Regional GVA fell by 4.9% in 2020 and subsequent recovery has been slower than other UK regions. The region's unemployment rate (5.0%) remains the highest of any region in England. Business growth (in terms of scale up capacity) lags behind other regions. In 2021, the West Midlands region reported the highest business death rate (13.0%) in the UK. Businesses in the West Midlands have a five-year survival rate of 34.6% - compared to the UK average of 38.4% in 2021.
We are in a period of great change as the region’s business community navigate the aftermath of the COVID-19 pandemic, Brexit, digital industrial revolution and transition to net zero against a backdrop of global economic uncertainty. Nationally and regionally our public sector institutions and leaders are also evolving as an enhanced devolution deal is set to come into force in Autumn 2023 and local elections, a WMCA Mayoral Election and General Election are all expected in 2024.
In this context, we felt that the time had come for a fundamental reset in our understanding of what local businesses need to fulfil their growth potential. There is a need, and opportunity to, present a clear voice to local, regional and national government, drive action and meaningfully shift the dial on the region’s business survival and growth outcomes, and with it, economic growth potential. This is the ambition of the Business Commission West Midlands.
What is the Business Commission West Midlands?
An apolitical body, the Business Commission West Midlands is comprised of leaders in enterprise, supported by an expert advisory panel. It focusses on the West Midlands Combined Authority area and was formed to forensically examine the opportunities on the horizon for the region’s business community and the change or action needed to fully seize them.
Led by an independent Chair and panel of private-sector Commissioners drawn from a range of industries, at heart, the Business Commission West Midlands (BCWM) has been a mass engagement and research exercise, giving a meaningful voice to the local business community. Delivered by the Greater Birmingham Chambers of Commerce’s Insight & Intelligence Unit, in partnership with the Black Country and Coventry & Warwickshire Chambers of Commerce, the commission has undertaken detailed conversations and quantitative research with hundreds of businesses across the region.
The findings from the Commission are now being utilised to directly influence local, regional and national stakeholders. They are the basis of the Chamber’s lobbying messages for the coming years, and our bedrock for championing positive change to drive commercial opportunities for local businesses. The findings of the Commission will be reviewed one year after launch to assess impact and outcomes.
What’s next for the Business Commission West Midlands?
The Business Commission West Midlands has now launched its interim report and Roadmap for Growth. Moving forward, the Commission will additionally deliver a programme of stakeholder engagement. Success will be measured through media coverage, stakeholder meetings and, critically, recommendations adopted. The impact of the Commission will be formally reviewed one year on from launch of the final report.
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