Growth Strategy to Drive Midlands Potential

Ambitious plans to help the Midlands reach its economic potential were announced during a visit to the region by Chancellor Philip Hammond during March. The Midlands Engine Strategy, includes investment in skills, connectivity and local growth, while also outlining government plans to promote the region to the world.

This will include the investment of £392 million in the Midlands from the Local Growth Fund, supporting innovative projects, such as creating a global hub for space technology in Leicester; £25 million will be spent to tackle congestion and improve major employment sites in the Black Country, while £12 million has been marked to improve road connections around Loughborough. This is in addition to the £1.5 billion of Local Growth Fund investments in the Midlands that have already been announced.

With a £4 million operation budget over the next two years, the Midlands Engine Partnership will act to bring together local Enterprise Partnerships, local authorities, businesses, academic institutions and others into a voluntary, regional supportive network. The strategy also focuses on promoting the Midlands to the world with the newly formed Midlands Trade and Investment Programme set to build on events in Europe, North America, Asia, Africa and the Middle East.

An additional £20 million will fund a flagship Midlands Skills Challenge to improve employment prospects for people living and working in the region with additional work coaches, language training and testing innovative approaches to lifelong learning

Home to more than ten million people with an economy worth £217.7 billion, the region provides 13% of the UK’s annual output. The government believes there are huge opportunities to build on this.

“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,” said Chancellor Philip Hammond. “The Midlands has enormous economic potential and as we lay the foundations of a stronger, fairer Britain outside the EU it is more important than ever that we now build on its existing strengths to make sure it fulfils it.”

Communities Secretary and Midlands Engine Ministerial Champion Sajid Javid said: “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.”