.' s ▁second ▁largest ▁city , ▁B irmingham . ▁He ▁is ▁a ▁qualified ▁solic itor . ▁▁▁▁ ▁He ▁is ▁an ▁expert ▁on ▁public ▁sector ▁p ension ▁funds ▁and ▁research es ▁this ▁area ▁in ▁particular ▁at ▁B irmingham ▁City ▁University . ▁▁▁▁ ▁As ▁political ▁leader ▁of ▁B irmingham , ▁he ▁was ▁in ▁charge ▁of ▁an ▁annual ▁re venue ▁budget ▁of ▁over ▁£ 3 ▁billion , ▁and ▁assets ▁of ▁over ▁£ 6 ▁billion . ▁ ▁Municipal ▁Social ism ▁and ▁Br umm ie ▁B onds ▁ ▁He ▁was ▁particularly ▁known ▁for ▁re - int rodu cing ▁to ▁the ▁U . K . ▁the ▁local ▁authority ▁fund ing ▁method ▁of ▁Municipal ▁B onds ▁for ▁House ▁building . ▁These ▁b onds ▁in ▁B irmingham ▁were ▁known ▁as ▁‘ B rum m ie ▁B onds ”. ▁In ▁ 2 0 1 7 ▁the ▁City ▁Council ▁issued ▁£ 4 5 ▁million ▁in ▁Br umm ie ▁B onds . ▁▁▁ ▁Cl ancy ▁esp oused ▁the ▁concept ▁of ▁Municipal ▁Social ism , ▁with ▁a ▁nod ▁to ▁B irmingham ’ s ▁Joseph ▁Chamber lain , ▁where ▁a ▁local ▁council ▁becomes ▁an ▁active ▁economic ▁actor ▁in ▁the ▁local ▁economy , ▁rather ▁than ▁being ▁a ▁pass ive ▁deliver er ▁of ▁services ▁and ▁w elf are . ▁▁▁▁ ▁The ▁concept ▁being ▁that ▁by ▁putting ▁the ▁£ 6 ▁billion ▁of ▁assets ▁and ▁sp ending ▁power ▁of ▁the ▁City ▁Council , ▁and ▁its ▁presence ▁as ▁an ▁anchor ▁institution ▁of ▁the ▁city , ▁into ▁economic ▁development , ▁the ▁critical ▁w elf are ▁services ▁of ▁the ▁city ▁( and ▁reli