The Government has unveiled plans to invest nearly £400m in the Midlands as part of its new strategy to drive the region’s ‘enormous economic potential’.
The Midlands Engine Strategy included a commitment to invest £392m in the Midlands from the Local Growth Fund.
This cash will be used to support projects such as creating a global hub for space technology in Leicester.
It will also be spent on transport improvements including £25m to tackle congestion and improve major employment sites in the Black Country and £12m to improve road connections around Loughborough.
The new strategy — announced as chancellor Philip Hammond visits the region — will also see £20m invested in a Midlands Skills Challenge to improve employment prospects for people living and working in the area.
The money will go to providing additional work coaches, language training and testing innovative approaches to lifelong learning.
The Midlands has an economy worth £217.7bn and is responsible for 13% of the UK’s annual output.
With this in mind, the strategy included the formation of a Midlands Trade and Investment Programme, which will help promote the Midlands on the international stage.
The new strategy will also include £4m to support the operation of the Midlands Engine Partnership over the next two years.
Mr Hammond said: “The Midlands has enormous economic potential and it is more important than ever that we now build on its existing strengths to make sure it fulfils it.
‘The Midlands Engine Strategy is an important milestone, setting out the concrete actions we are taking, where we are not only investing in what it does well but also tackling some of the long standing productivity barriers in the region including skills and connectivity.”
Communities secretary and Midlands Engine ministerial champion Sajid Javid added: ‘Backed by millions in investment, this new strategy will help create more jobs and boost skills in the region.
‘It will also showcase to investors here and abroad everything the Midlands Engine has to offer.’
Responding to the announcement, Midlands Engine Partnership chairman Sir John Peace said: ‘This strategy represents a clear footprint for the Midlands Engine empowering us to think bigger, and work even closer together, across local economies and on a scale that makes sense in global markets.’
WMCA chair Cllr Bob Sleigh said the unveiling of the Midlands Engine was a key milestone on the road to delivering greater prosperity through the WMCA’s own strategic economic plan (SEP) Making Our Mark.
He added: “The SEP is our plan to deliver greater jobs and prosperity to this region and the announcement of the midland engine strategy gives us the tools to do the job.
“The wider Midlands region is currently worth £217 billion to the UK economy and with the announcement of this strategy there will now be major opportunities for us to build on this base over the next few years.
“The WMCA will soon have a directly-elected mayor able to use powers over skills, transport and planning to drive local growth while HS2 will place the Midlands at the heart of England’s high speed rail network, making it an even more attractive place for people to live and work, and for companies to do business.”
