Midlands Engine Survey: Incentives may unlock billions in investment

THE drive to establish the Midlands Engine could be worth billions to the economies of the East and West Midlands over the course of the next decade.

The Government is keen that the regions unite to form an economic dynamo that will power the UK’s economy and provide the impetus to new growth initiatives.

TheBusinessDesk.com and EY is launching a new survey which could help to form the agenda for the new era.

We are asking our readers in both the East and West Midlands for your opinions on how the various bodies will collaborate, what the main issues they are likely to face, whether the existing infrastructure is capable to meeting requirements, what impact HS2 will play on the overall plan and who would be your choice for the important role of mayor.

It asks whether enough is being done to develop skills, whether more help should be given to encourage exports and fundamentally, does the region have a robust and balanced economy.

The survey can be completed here

A glimpse into what might await the new dynamic was given recently when the Treasury announced its support for a major new fund designed to drive cutting-edge research, innovation and skills across the Midlands Engine.

The Chancellor set out a commitment at the Spending Review to deliver significant government investment in the Midlands across transport, energy and culture. This included £60m to help establish a new Energy Research Accelerator (ERA) to help grow the region’s high-tech, high-skilled economy.

The ERA will receive £60m of public money and this is in turn expected to unlock £120m of private sector co-investment.EY logo 2015

The ERA is the first project to be delivered by the ‘Midlands Innovation’ initiative, a collaboration of six leading universities across the Midlands.

The universities, Aston University, the University of Birmingham, Leicester University, Loughborough University, the University of Nottingham and the University of Warwick, will work alongside the British Geological Survey, local industry and others to create a global centre of excellence for energy research and innovation.

It will tackle some of the biggest energy challenges facing the UK and investigate how to make the best use of the resources available by being more efficient and innovative whilst producing affordable, safe energy.

The Midlands Innovation initiative has ambitious plans to apply the same vision to the nation’s transport, health, and biomedical science challenges in the future.

It is one example of the new incentives being lined up to establish the Midlands Engine as the force the Government hopes it will be.

Remember to complete our survey here

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