Plans for how the government intends to allocate £392m of investment in the Midlands Engine have been revealed, with major projects included in the proposals.
The government’s Midlands Engine Strategy report included plans for £105.4m of spending on transport and infrastructure projects.
The biggest investments into regional projects outlined were:
- £25m to tackle congestion and improve access to areas of employment around the Black Country region
- £25m for transport infrastructure in Coventry and Warwickshire
- £12m investment in transport connections around Loughborough.
Individual projects receiving a share of the funding pot include:
- £14m to build a space park in Leicester
- £10m to refurbish Broadmarsh bus station and car park in Nottingham
- £12m for the regeneration of Black Country Garden City
- £6m to regenerate Derby city centre
The report also said talks about how the region could capitalise on the arrival of High Speed 2 were taking place between the government, local authorities and local enterprise partnerships.
International investors have already shown interest in the opportunities that the government’s flagship rail project can bring, with Chinese developer Country Garden signing a statement of investment commitment with Birmingham City Council in September last year.
Council leader John Clancy told Construction News the deal could be worth up to £5bn.
He also said the developer was “interested” in HS2.
Chancellor Philip Hammond said today: “The Midlands has enormous economic potential and it is more important than ever that we now build on its existing strengths to make sure it fulfils it.”