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 Osborne’s 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 government’s 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.”
Details in the official Budget 2016 document showed the Conservatives will put Midlands Connect on a statutory footing by the end of 2018 to create a sub-national transport body for the Midlands. A new Local Majors Fund will be created, serving as a competition for local areas to bid for funding for large transport projects. To back local companies and “build on the area’s strengths in space science and research”, a new Enterprise Zone will be created across Loughborough and Leicester. The government also announced the creation of an Enterprise Zone at Brierley Hill in Dudley. Some £16m has been freed up for R&D funding, matched by industry, to support aerospace firms in the East Midlands. Rolls-Royce will get £7m to develop high-temperature alloys. In 2015, median earnings of full-time employees grew faster in the West Midlands than in any other English region, official statistics concluded. The East Midlands also had the strongest productivity growth between 2010 and 2014 of any region.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.