Issue - meetings

Addition to Capital Programme

Meeting: 01/07/2021 - County Council (Item 2)

2 Warwickshire Recovery and Investment Fund - Addition to Capital Programme pdf icon PDF 176 KB

This report seeks Council approval to the addition of the Warwickshire Recovery and Investment Fund to the Capital Programme.

Additional documents:

Minutes:

Councillor Peter Butlin (Deputy Leader – Finance and Property) explained to the meeting that the WRIF had been through a lengthy process of development with the business case having been approved by Cabinet. The WRIF is concerned with economic recovery and investing in Warwickshire businesses, many of which will require additional support in the future. Councillor Peter Butlin stated that WRIF should help save over 4000 jobs in Warwickshire whilst creating over 2000 more. It is a wise investment to help people get back in to work. The WRIF is a major investment of over £130m. It will not make much money for the Council but as it is a loan scheme, as opposed to a grant scheme, it will be possible to keep money moving around.

 

Councillor Kam Kaur (Portfolio Holder for Economy and Place) seconded the motion and reserved her right to speak.

 

Councillor Sarah Boad stated that WRIF is an exciting and forward-looking scheme. She recognised that the amount of money to be committed was sizable but added that she was satisfied that appropriate safeguards are in place. The money, she said, must be repaid. If it is not, then the scheme will founder. The Council has few opportunities to influence business but WRIF will provide leverage on issues such as climate change and innovation.

 

Councillor Adrian Warwick emphasised the need to protect jobs. That the Council is able to develop this scheme is indicative of prudent management of the budget. He acknowledged that the scheme carries risks but noted that safeguards are in place to reduce these.

 

Councillor John Holland welcomed the cross-party support being expressed for this project. He asked that other initiatives such as ethical investment and climate change be allowed to feed into the process. Councillor John Holland stressed that prosperity in a community is not solely about money.

 

Councillor Sarah Feeney (Deputy Leader of the Labour Group) noted that signs of economic recovery are appearing. Businesses are changing how they work but there remains a need to help hard to reach groups and those who are struggling.

 

Councillor Izzi Seccombe thanked Councillor Peter Butlin and the officers for their hard work. The process has taken a long time, she said, but the WRIF needs to be up and running as soon as possible. There is a genuine desire to see businesses grow and to exploit the skills and ability that exist in Warwickshire. This serves too to support residents.

 

Councillor Jonathan Chilvers commended the work that has been done. He had been concerned over the risks around the project but is reassured regarding safeguards. Councillor Jonathan Chilvers stated his intention to abstain from the vote. He reminded the meeting that there is a limit to the amount that the Council can borrow. It has already invested in a number of invest to save schemes and there will be other priority schemes that might have benefitted from the £130m earmarked for WRIF.

 

Councillor Chris Kettle welcomed the WRIF programme in the light of  ...  view the full minutes text for item 2