Plans for a £140m fund to help Warwickshire businesses move a step closer as experts predict 30,000 could lose their jobs in the county during the pandemic

Plans for a £140 million fund to help businesses across Warwickshire moved a step closer this week when county council cabinet members gave their backing to the scheme.

A report outlining a series of benefits of the Warwickshire Recovery and Investment Fund (WRIF) was considered at their latest meeting yesterday (Thursday) and these included boosting the economy and both the creation and safeguarding of jobs.

Deputy leader and portfolio holder for finance and property Cllr Peter Butlin (Con, Admirals and Cawston) explained: “Despite furlough and various other things, unemployment in Warwickshire has gone very high and is likely to peak at 30,000 people losing their jobs. We are now probably in the worst recession for 300 years.

“We can step in and give a bright spot to businesses in Warwickshire by doing this. I think it is taking the lead and I have the support from CWLEP, the Chamber of Commerce and various other bodies who are keen to engage with us and what we are doing.

“Other authorities have done it on a lesser scale, we’re taking it up a league and think we can make a significant contribution to the recovery of Warwickshire as a result.

“We are stepping in to keep job creation activity carrying on in Warwickshire. It is predicted that as a result of that we could save 4,000 and create 2,200 other jobs.”

The fund will consider three areas of investment - business investment growth, local communities and enterprise, and property and infrastructure - and the £140m will cover a period of five years.

Council leader Cllr Izzi Seccombe (Con, Stour and the Vale) threw her support behind the plans. She said: “We need to create that environment that we had before Covid came along which was the environment to encourage business, knowing that we are a business-friendly place to come and invest and to grow jobs.”

And there was cross-party backing with Labour group leader Cllr Helen Adkins (Lab, Leamington Willes) adding: “I think it is a great opportunity to invest in some of the businesses that connect to the issues that are really important to us now such as climate, health and wellbeing and those supporting apprenticeships.”