Business News

Plans to create a West Midlands Combined Authority and sign-up to an ‘historic’ devolution deal have been endorsed, following a full meeting of City of Wolverhampton Council. It means that the City of Wolverhampton follows Birmingham, Coventry, Dudley and Solihull in becoming constituent members of the West Midlands Combined Authority.

Export of goods from the West Midlands region increased to £28.97 billion last year – up 0.8% on 2014, the latest figures released by HM Revenue & Customs reveal. They also show that West Midlands remains the third largest exporting region in the country, behind South East and London, with 10.4% of total exports.

Thousands of residents have already had their say in Wolverhampton's biggest ever health and lifestyle survey, which continues until the end of this month (March). Researchers have been knocking on doors across Wolverhampton over the last seven weeks, gathering information on the health and wellbeing of the local population.

Someone paying rent for an average two bedroom home in the West Midlands would have forked out £32,313 to their landlord over the last five years, new analysis by housing and homelessness charity Shelter has revealed. This is more than the sum needed for a 20% deposit on the average first time buyer home in the region, which is currently priced at £156,548 

HSBC has chosen to relocate to Birmingham, the UK's second city, and to keep the building works under wraps, leading graphics and signage company, Hollywood Monster have manufactured and installed over 150m of giant hoardings using their creative and technical expertise since work began at 2 Arena Central, the new base of the HSBC UK headquarters.

Homebuyers in less than ten years’ time will visit properties remotely through virtual reality devices - and check out potential neighbourhoods using their own personal drones, a new report reveals. Trends analysts The Future Laboratory said the idea of actually physically visiting properties while house-hunting will be less and less common by the 2020s.

Local councils, of all political parties, have agreed that the Government’s Starter Homes policy will hinder rather than help to tackle the growing need for genuinely affordable housing in England. They have also raised concerns about the impacts of the Government’s plans to reduce social rents by 1% a year for the next four years and the extension of the Right to Buy to housing association tenants.

Businesses in the West Midlands were urged by Jajid Javid to “get engaged” in order to make the most of the opportunities offered by the government’s devolution programme and the Midlands Engine. The secretary of state for business, innovation and skills was speaking to business leaders as guest of Greater Birmingham Chambers of Commerce (GBCC) hosted by Mondelez International at their Cadbury headquarters.

Simplicity and forward planning must be at the heart of the Government’s pensions taxation reform, or future generations could be put off saving towards their retirement – according to PwC.  The Chancellor looks set to announce his long-awaited changes to pensions taxation in the Budget, with two key alternatives to the current system being considered.

Retired homeowners have seen their property wealth grow by nearly £13.7 billion in the past three months as house prices continue to climb earning the average pensioner more than £1,000 a month. Pensioners who own their homes outright have earned an average of £3,106 tax-free each from their houses in the past three months taking their property wealth to a new record high.

Responding the announcement that the EU referendum will take place on 23 June 2016, Black Country Chamber of Commerce President, Ninder Johal said: “The most important issue for us as a Chamber is ensuring that our business leaders understand the implications of remaining in or leaving the EU. Our latest survey shows that only 3% of manufacturers and 28% of service sector organisations in the Black Country have enough information to assess the potential impacts on their businesses."

Kaspa’s Desserts has become the latest business to sign up as a tenant of the multi-million pound i10 office and retail development. The dessert house chain has agreed a deal to take over two units to house its 31st UK branch. It will employ ten to 12 people, with the aim to open in mid-April. The new showpiece i10 building next to the train station was completed in December and forms part of the city’s £120 million Interchange plans.

Visitors from around the globe have been singing the praises of the Library of Birmingham. Simply click on the map above to see what people think. Councillor Penny Holbrook, cabinet member for learning, skills and culture, said: “Since the Library of Birmingham opened it has been attracting visitors from within the city, around the UK and around the world."

A series of events to help business leaders form a view on the EU referendum is to be organised by Greater Birmingham Chambers of Commerce (GBCC). Chamber surveys have indicated that businesses in the region are divided on the in-or-out issue. Paul Faulkner, chief executive of the GBCC, said: “The Greater Birmingham Chambers of Commerce will be working hard to deliver clarity and cut through the biases in this highly emotive debate.

UK holidaymakers have been urged to "do their homework" on currency values before choosing where to go this year. Sterling fell to a 13-month low against the euro earlier this week, but research by Post Office Travel Money has found that currencies at many popular long-haul destinations – such as Mexico, Malaysia and Thailand – have weakened in comparison with the pound. The biggest gain for sterling has been against the South African rand.

Work to transform a popular Tottenham market into a modern and bustling shopping space is set to begin. Holcombe Road Market, opposite Bruce Grove Station, will be kitted out with new kiosks, pedestrian routes and modern paving, as part of an ambitious regeneration plan. Better signage will also be installed, improved car parking facilities will help attract more shoppers, and a new CCTV camera will enhance public safety in the area.