Finance


Providing an anchor for the city’s economy


A ground-breaking Birmingham project aims to stop millions of pounds 'leaking out' of the city economy every year. Birmingham City Council is


joining forces with the Centre for Local Economic Strategies (CLES) and Barrow Cadbury Trust to look at how 'anchor' institutions can use their spending power to increase economic opportunities for all of Birmingham’s communities. Anchor institutions, such as the local authority, hospitals, universities and


‘Birmingham contains significant existing wealth which needs to be harnessed more effectively for the benefit of our economy’


housing providers are significant spenders in the local economy, with large annual budgets for staff, food, energy and other supplies and services. Now, using an approach which is common in many North American cities


and which CLES has piloted in Preston, the new partnership aims to help Birmingham's anchor institutions use their spending power locally by identifying changes in behaviour around procurement and other processes that will benefit local businesses, people and communities. Examining the economic power of these anchors, the project will analyse


which goods and services are locally purchased, which local people are employed and from which areas and how land and property has the potential to create wealth which communities truly benefit from. Birmingham City Council leader Cllr John Clancy said: "Our anchor


institutions are already hugely important but they can play an even greater role in economic growth and prosperity. Birmingham contains significant


Plugging the leaks: John Clancy


existing wealth which needs to be harnessed more effectively for the benefit of our economy and people.” Neil McInroy, chief executive, and Matthew Jackson, deputy chief


executive, of CLES, said: "We know that this programme of work can bring real wealth and income benefits to communities and citizens.” Sara Llewellin, chief executive of Barrow Cadbury Trust, said: "This


anchor institution work will build on a movement which is already strong within the city and help to explore how resources already flowing through the city can be better utilised for the good of all citizens.


Sector Focus


Weatherbys Private Bank continues to invest in its Wealth Management service.


For many banks, clients with investment needs are seen as a chance to push the bank’s own products. Our vision is of investment management as a reasonably-priced, impartial professional service that can meet the needs of a range of different clients.


We wanted to build our service from the best that the industry had to offer. We have put together a set of simple portfolios, using low-cost funds, that will allow our clients to invest in financial markets with far lower fees than the industry average and, we think, without compromising investment performance. For those whose requirements are more complex, we can recommend and instruct a range of third-party investment managers identified by our unique research process. Crucially, our charges


will be exactly the same regardless of which route our clients take, avoiding any perverse incentives and leaving our bankers free to offer personal, impartial advice.


We also offer advice on tax planning and insurance through our specialist Wealth Planning team – entirely optionally and only for people who need it.


Weatherbys is a family-owned bank with a real desire to give good advice. We want our clients to feel we have made a clear plan for their investments, simplified their affairs and above all made their lives easier.


For more information, please contact: Robert Ball, Senior Private Banker T: +44 (0)1933 304807 E: rball@weatherbys.co.uk W: www.weatherbys.co.uk


November 2016 CHAMBERLINK 51


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