The Midlands Engine defines how the East and West Midlands will come together to better serve the region on a collective level. It is being backed by business, local authorities, 10 Local Enterprise Partnerships.
Midlands Engine Prospectus
In 2016, the Midlands Engine Prospectus was launched. This document sets out how 300,000 jobs and £34billion worth of growth could be achieved in the next 15 years.
Government is backing the initiative with a £5million trade and investment package; to help promote the Midlands Engine overseas, reach new markets and boost exports.
The Prospectus focuses on five key themes:
- Developing a strong Midlands Engine brand to help inward investment and trade development and the overall competitiveness of the UK
- Midlands Engine trade missions and hosting Midlands Engine inward investment visits
- Presenting a selection of Midlands Engine regeneration projects seeking investment, at MIPIM 2017 property convention (the annual global property event held in Cannes, France)
- Building a regional business visitor and tourism offer
Midlands Connect /Transport
- Exploiting the opportunities of High Speed 2 Rail (HS2)
- Develop the vision and set out the long term Transport Strategy for the Midlands
- Improving integrated transport systems across the Midlands
Research and innovation
- Evolving the key sectors of the Midlands Engine to improve international competitiveness: Manufacturing, Engineering and Transport Technologies; Agri-food and drink manufacturing and production; Healthcare, Life Sciences and Translational Medicine; Energy and Low Carbon Technologies; Creative, Digital and Design.
- Creating a stronger network of science parks and innovation centres
- Phase 2 of the Midlands Innovation-led Energy Research Accelerator (the partnership between Aston, Birmingham, Leicester, Loughborough, Nottingham and Warwick Universities, and the British Geological Survey), conducting research into thermal, integrated systems and geo energy. £60m received from Government and there is also a pipeline of similar propositions, including a likely agri-food sector proposition.
- Building a stronger network of regional science parks, as well as a higher education forum
Finance for Business
- Developing a region-wide ‘fund of funds’, utilising the European Union’s Joint European Resource for Micro to Medium Enterprises (JEREMIE) programme, supporting small and medium enterprise growth ambitions.
- Devolving financial instruments to the Midlands Engine
- Access to finance schemes delivered though Growth hubs offering comprehensive business support
- Developing a more comprehensive, demand-led approach for skills development in the manufacturing and engineering sectors
- Undertaking a review of best practice relating to employment and skills. This will be used to accelerate the take up of new and innovative ideas
More information is available on the Government’s website and the Prospectus is available to download below.