Attracting foreign investment "will be top priority" for Combined Authority
THE new West Midlands Combined Authority will be stronger for the UK remaining as part of the EU, the Minister for Europe has said.
Speaking to TheBusinessDesk.com, David Lidington said the need to capture Foreign Direct Investment (FDI) would be one of the highest priorities for the new body, which comes into force next month.
“The combined authority will want to spearhead the economic regeneration of the area and promote the West Midlands as a place for FDI and this will be more difficult if we aren’t part of the European single market,” he said.
“There are important European funding streams for science and innovation, together with infrastructure improvements and these will be significant issues for the new authority to address.
“If it is unable to access these funding streams then opportunities will be lost. Access to the single market will be much more beneficial.”
Mr Lidington was in the region to talk to business leaders and gauge their opinion on the EU referendum and whether the UK is better off in or out of the single market.
At the Black Country Chamber of Commerce he was faced by questioning from a group of Euro-sceptic businessmen who said there was no reason why the UK would be worse off out of the EU.
Henry Carver, owner of Wolverhampton-based builders merchant Carvers, said that as the UK imported more goods than it exported to Europe then European businesses would still want to trade with Britain, even if it was not part of the single market.
Mr Lidington said that while the EU was not a perfect body then it was better to try and reform it from a seat at the table, rather than being excluded from the room.
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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.
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During his visit to the region, Mr Lidington also addressed members of the Greater Birmingham Chambers of Commerce during a round table event held at Birmingham City University.
Mr Lidington, who has been Minister for Europe since 2010, highlighted the lack of existing models for trade deals which would give the UK the same sort of access to the single market it currently enjoys as an EU member.
Henrietta Brealey, the chamber’s Director of Policy and Strategic Relationships said: “The result of the EU Referendum could dramatically change the way in which the UK does business with the rest of the world. It is vital that businesses are given the opportunity to gain the information they need to make an informed decision on June 23.”
