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Long term economic plan for the Midlands announced by Prime Minister and Chancellor
Edward Ng - February 16, 2015

Jobs, skills, transport, science, and quality of life are at the heart of the six-point long term economic plan to make the Midlands the Engine for Growth in the UK, announced by the Prime Minister and Chancellor.

The Prime Minister and Chancellor set out their six-point long term economic plan for the Midlands showing what has been delivered, what is underway and what more can be done to make the Midlands an engine for growth.

In a speech at Bombardier in Derby, the pair set out the detailed plan as part of a two day tour of the region.

The plan aims to:

  • raise the long term growth rate of the Midlands to at least the forecast long term growth rate of the whole UK – adding an extra £34 billion to the Midlands economy in real terms by 2030, equivalent to over £3,000 per person
  • create 300,000 extra jobs in the Midlands by backing the core strengths of the local economy like advanced manufacturing and engineering
  • put skills at the heart of the economic revival of the Midlands, working with local businesses and the Local Enterprise Partnership on a radical new matching service for local working people and increasing skilled apprenticeships. The government is devolving power over skills, which is currently centred in Whitehall, to the Local Authorities and Local Enterprise Partnerships in the Midlands, on the condition that different areas combine together to produce a strong joint plan.
  • deliver £5.2 billion of investment into new transport infrastructure in the Midlands, upgrading the motorways to four lanes, delivering faster north-south rail connections and east-west links, and make the most of the economic opportunities of HS2
  • back science and innovation in the Midlands, focussing on the plan for local universities to develop an Energy Research Accelerator and support new technology in the world-leading automotive sector
  • improve the quality of life in the Midlands by regenerating run-down estates, investing in the county towns, supporting the construction of 30,000 new homes and making improvements to local education so 150,000 more pupils attend outstanding schools. Government will also support events to commemorate the 400th anniversary of Shakespeare’s death, along with the engineering and military history of the region

There are no quick fixes to achieving these important goals, so the Prime Minister and Chancellor are also setting out a specific timetable to deliver the key concepts of this plan over the five years of the next parliament, and the following decade.

As both the Prime Minister and Chancellor have set out clearly, the only way for the UK’s recovery to be truly sustainable is for it to be truly national. While the challenge is significant, so is the prize ahead. By pursuing this plan, the Prime Minister and Chancellor aim to achieve real outcomes for the people of the Midlands who have already seen faster growth than the UK average under this government.

The Prime Minister and Chancellor will be visiting a variety of businesses and institutions across Midlands to hear how the government’s long term economic plan is delivering for them and what more can be done to support the region.

The Chancellor first made a visit to DHL in Derby to meet with workers on the night shift before joining the Prime Minister to deliver a key note speech at Bombardier. The Chancellor will then meet several of the region’s major employers to welcome significant announcements.

Prime Minister, David Cameron said:

“We are building a more resilient economy to benefit hard working people across the Midlands, from its great cities to the stunning countryside of the Derbyshire Dales. We are already seeing more jobs and greater growth in the region, but we want to see more. That’s what our long term economic plan will do – it will help the region build on its success and create new opportunities through massive investment in infrastructure and housing.”