Now the site of Birmingham City University, it will serve as a creative innovation centre in the future following a 14m funding inception. Called STEAMhouse, it will involve the coming together of arts, culture, science, technology, engineering and maths.Unveiled in chancellor George Osbornes Budget 2016 speech to the House of Commons on 16 March, the Midlands Engine investment is looking to capitalise on new enterprise in the region. Government figures show that there are nearly 100,000 more businesses in the Midlands than there were in 2010, the equivalent of 52 new firms a day. The concept of a Midlands Engine was first introduced in the second half of 2015, and was backed up by work Javid did with a Chinese delegation that visited in February. Javid said: Driving growth in the Midlands is a key part of the governments devolution revolution. The new 250m Midlands Engine Investment Fund will go further by backing even more growing businesses and creating thousands of new jobs throughout the region.
Read more on business in the Midlands:
- The four best cities in the UK for entrepreneurs looking to run a business
- The Northern Powerhouse It’s the Midlands Powerhouse that has the advantage
- George Osborne fuels Jaguar Land Rover with 16.6m fund to create 200 Midlands jobs
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