Economic case for Tamworth Borough Council’s Future High Streets bid

In 2020, ERS collaborated with partner Aspinall Verdi to assist Tamworth Borough Council in their pursuit of funding from the Ministry for Housing, Communities, and Local Government Stage 2 Future High Streets Fund. Our primary responsibility was to construct a robust economic case, specifically focused on demonstrating the economic viability of proposed changes to Tamworth town centre. The success of this endeavour was pivotal in securing £21.65 million in funding for the regeneration project. To make the case even more compelling, we meticulously assessed various factors in accordance with HM Treasury Green Book guidelines.

We started by delving into a comprehensive review of relevant contextual documents, including but not limited to:

  • Local authority documents (Local Plan / Emerging Plan / Economic Strategy / masterplans),

  • Consultation outcomes with local residents and town centre users,

  • Feedback from in-depth consultations with internal stakeholders at Tamworth Borough Council, Historic England, and local amenity groups

  • LEP Strategic Economic Plans and Local Industrial Strategies,

  • Feasibility and demand studies conducted to support the funding application,

  • Capital and revenue cost projections as well as income projections.

Our final economic case meticulously scrutinised various regeneration options for Tamworth town centre by evaluating the extent to which each option could provide Value for Money (VFM).

  • Section 1 of our report offered a concise overview of the benefits, outlining the critical assumptions underlying their calculation and citing data sources. It also presented the headline figures for present values of costs and benefits, as well as the Benefit Cost Ratios (BCRs), all aligned with MHCLG appraisal guidance at that time.

  • Section 2 provided an in-depth examination of the options, delving into the assumptions that drove benefits for the 'Do Nothing,' 'Do Minimum,' and 'Preferred' options.

  • Section 3 showcased sensitivity analysis for the preferred option and explored shifting values for the underlying assumptions, ensuring that the economic case remained robust under various scenarios.

  • Section 4 was dedicated to discussing local benefits, non-monetized benefits, and potential cumulative impacts of the investment, which might not have been accounted for in the calculated BCRs.

Thanks to our rigorous analysis, comprehensive assessment, and clear presentation of viable options, Tamworth Borough Council emerged as one of only 15 areas to successfully secure £21.65 million of Stage Future High Streets funding. This substantial funding not only signifies the value and potential of the proposed town centre regeneration project but also highlights the comprehensive and convincing nature of the economic case developed by ERS and Aspinall Verdi.