'More money for the Midlands' under Treasury rule change

Officials are reportedly rewriting the rules on how much cash can be distributed to parts of the country, amid criticism it favours London and the south east because of their larger populations and higher concentration of businesses.

It would mean greater investment for the Midlands and the north, something politicians in those regions have been crying out for. And it appears Prime Minister Boris Johnson has wasted little time in putting his campaign promises into action by re-distributing the wealth around the UK.

Whether he delivers on those promises could be crucial to new Conservative MPs in traditional Labour seats who were victorious because, according to Mr Johnson, people lent them their votes.

One of those new MPs, Stuart Anderson, who was elected in Wolverhampton North East, said he welcomed the planned changes.

He said: "In the Midlands, and Wolverhampton, we have been promised a lot of investment. I've been calling for it and I know a lot of MPs have as well as (mayor) Andy Street. We are trying to get as much as we can for the West Midlands and I'm fully behind that.

"There are so many opportunities here and we need more money."

Mr Anderson added: "It's not just about keeping voters onside. We have made a pledge for the good of the country, for the good of the West Midlands and we will be delivering everything we said we will so the West Midlands can thrive.

"We have seen the huge impact of devolving powers to the West Midlands Mayor and we will be supporting that investment."

The proposed changes by the Treasury have also been welcomed by the Northern Powerhouse Partnership, which is seeking greater investment for cities like Manchester, Liverpool and Leeds.

Vice-chair Jim O’Neill said “the static, accounting-based approach of value for money in assessing investment projects does not make any sense”.