Government announces £50m boost for West Midlands R&D projects
Extra funding for research and development projects will come under the control of the West Midlands Combined Authority next year, the government has announced.
A total of £500m will be made available across the country to support industries and technologies that will “drive the growth, jobs and businesses of the future”, with £50m allocated to the West Midlands.
The money could potentially provide a boost to would-be science and technology schemes across the region, such as Wolverhampton’s Science and Innovation Corridor, the Birmingham Knowledge Quarter and the Coventry and Warwick Investment Zone.
No specific projects have been identified for backing yet, with regional mayors set to take control of the funds following the next government spending review, likely to take place in 2027.
The East Midlands combined authority received £20m from the fund earlier this year, which it says will be used to support manufacturing and clean energy projects in the region. A number of advanced manufacturing and furture energy schemes are currently being developed on former power station and coal-field sites across the region, such as the STEP Fusion programme at the former West Burton power plant.
Richard Parker, Mayor of the West Midlands welcomed the decision.
“The West Midlands has always been a powerhouse for innovation, its strengths in science and technology are at the very heart of my plans to drive new growth and prosperity across our region,” he said.
“We know better than anyone the massive potential our communities offer. By putting funding directly into local hands, we’re giving our people the tools they need to spearhead breakthroughs, create new jobs, and power the wider UK economy.”
The Department for Science, Innovation, and Technology and government agency UK Research and Innovation will now work closely with mayors over the coming months to determine the best way to deliver this commitment to devolution, the government says.
“Through the future devolution of Local Innovation Partnerships Fund, we are putting money and power into the hands of regional leaders that know the strengths of their communities best, allowing them to back local businesses, encourage innovation and create the high-quality jobs that will drive the growth these regions need now and in the future,” added Science and Technology Secretary Liz Kendall.
I thought Oxbridge graduates in the Treasury were in charge of running the country (into the ground); so now we low-life are being allow to manage the local (and indirectly) the national economy? If it works for Germany, it might work for England.
By Anonymous