Masterplan welcomed by business leaders
BUSINESS leaders have given their unequivocal support to the ambitious blueprint intended to establish the Midlands as the UK’s Engine for Growth.
The Midlands Engine prospectus – the first of its kind in the country – is the result of a collaboration by 11 Local Enterprise Partnerships spread across both the East and West Midlands.
The document is focused on five key themes – skills, innovation, transport, promoting the ‘Engine’, and finance for business. It is predicted the plan could boost the national economy by £34bn.
Speaking after the launch of the new prospectus, Communities Minister Marcus Jones said: “As part of our long term economic plan, the Midlands economy has the potential to grow by £34bn by 2030, and by the end of this parliament, there could be as many as 300,000 extra jobs.
“Building on the strengths that we already have, with world-beating companies such as Jaguar Land Rover, Rolls Royce and JCB, the Midlands Engine will create the opportunities for businesses to grow and thrive.
“Today’s prospectus demonstrates how, by focussing on innovation, finance and skills and developing world-class infrastructure we can create an environment in which the Midlands will cement its place as an economic engine for the whole nation.”
David Frost, chair of Stoke-on-Trent & Staffordshire LEP, said: “The Midlands Engine provides a unique opportunity to cement the natural links between business, the public sector and universities.
“Working together with the LEPs, the aim is to boost productivity and add value to the UK economy.
“There is a real hunger to work across boundaries to build on the strengths that we have in pursuit of building an ever-stronger economy.”
Richard Butler, West Midlands Director of the CBI, said: “This new deal will spur our local authorities on the ground support jobs and growth, by reaching new markets at home and abroad. By focusing on skills, innovation, transport and finance for business, this prospectus has identified the right drivers for growth that could increase productivity across the entire of the Midlands.
“The region has significant economic clout – it’s great to see its business talent being recognised and harnessed.”
Cllr Anne Western, leader of Derbyshire County Council, added: “There’s a real will and commitment to restore the Midlands to its former glory as the heartland of British industry and by working together councils in the Midlands can help drive this ambition.
“East Midlands’ towns and cities are a vital cog in the Midlands engine and we all have an important role to play. By continuing to push for investment to spur economic growth in our own back yard we can combine our efforts to strengthen the case for attracting global companies to the region, bringing jobs and prosperity for our communities.”
