{"id":89275,"date":"2018-02-22T12:24:03","date_gmt":"2018-02-22T12:24:03","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=88013c5bacde2569483ad9e6b1da4ee2"},"modified":"2018-02-22T12:24:03","modified_gmt":"2018-02-22T12:24:03","slug":"speech-midlands-engine-investment-fund","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=89275","title":{"rendered":"Speech: Midlands Engine Investment Fund"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Thanks, Nick, it\u2019s a pleasure to be here.<\/p>\n<p>In the very heart of the Midlands Engine.<\/p>\n<p>And a nearly a year on from the launch of our <a href=\"https:\/\/www.gov.uk\/government\/publications\/midlands-engine-strategy\">Midlands Engine Strategy<\/a>.<\/p>\n<p>We\u2019ve achieved great things over the last 12 months, including:<\/p>\n<ul>\n<li>announcing a new East Midlands Manufacturing Zone pilot<\/li>\n<li>agreeing a second devolution deal with the West Midlands Combined Authority<\/li>\n<li>launching an ambitious <a href=\"https:\/\/www.gov.uk\/government\/topical-events\/the-uks-industrial-strategy\">Industrial Strategy<\/a> &#8211; with opportunities for the region to boost productivity and skills<\/li>\n<\/ul>\n<p>But there\u2019s much more to come.<\/p>\n<p>We\u2019re committed to making the Midlands a powerful engine for economic growth.<\/p>\n<p>When we say we\u2019ll build an economy that works for everyone; we mean it.<\/p>\n<p>But, to just step back a bit, if you can put your money into anything, anywhere in the world \u2013 why would you invest in the UK today?<\/p>\n<p>Why the Midlands?<\/p>\n<p>Well, we all know that Midlanders are very grounded people.<\/p>\n<p>It\u2019s where Sir Isaac Newton discovered gravity after all.<\/p>\n<p>And very sensible.<\/p>\n<p>It\u2019s where John Cadbury invented my favourite chocolate.<\/p>\n<p>And if there\u2019s anywhere that shows that something small can be mighty.<\/p>\n<p>It\u2019s the Midlands.<\/p>\n<p>Where the Mini Cooper was invented.<\/p>\n<p>Where Tolkien dreamed up the hobbits.<\/p>\n<p>Where 27,000 Midlands business \u2013 many of which are small enterprises \u2013 exported \u00a347.5 million of goods globally.<\/p>\n<p>It\u2019s an exciting time for the Midlands Engine.<\/p>\n<p>In December, Coventry was awarded UK City of Culture 2021.<\/p>\n<p>And Birmingham announced as the hosts of the 2022 Commonwealth Games.<\/p>\n<p>Derbyshire, too, is set to showcase the marvels of Midlands\u2019 manufacturing at a new museum where it all started\u2026<\/p>\n<p>\u2026on the site of the world\u2019s first ever factory.<\/p>\n<p>We want to harness its huge potential and help give small firms across the Midlands that much needed boost to grow their business.<\/p>\n<p>To generate jobs to benefit the whole Midlands and, ultimately, the British economy.<\/p>\n<p>Which continues to confound the pessimists.<\/p>\n<p>With growth forecasts for 2018 and 2019 upgraded to 1.9%.<\/p>\n<p>More people in work than ever before.<\/p>\n<p>And interest rates remaining low.<\/p>\n<p>Giving British businesses a great opportunity to grow \u2013 and those who invest in them, a great return.<\/p>\n<p>Investing in the UK, and The Midlands Engine, is a no-brainer.<\/p>\n<p>Because the \u2018heart of England\u2019 is just that \u2013 the lifeblood powering this country\u2019s prosperity\u2026<\/p>\n<p>\u2026not to mention innovation, culture and even cuisine.<\/p>\n<p>And I\u2019m not just saying that because I\u2019m a proud Midlands\u2019 MP.<br \/>\nIt\u2019s the land of Shakespeare and the steam engine.<\/p>\n<p>Charles Darwin and Rolls Royce.<\/p>\n<p>Newton and Nightingale.<\/p>\n<p>Wedgwood and Walkers Crisps.<\/p>\n<p>And, of course, that most English of dishes \u2013 the balti!<\/p>\n<p>Yet, too often these strengths go unsung and are overshadowed by our preoccupation with the North \/ South divide.<\/p>\n<p>But it\u2019s Birmingham \u2013 where we are today \u2013 not somewhere in the North or the South \u2013 that is England\u2019s second city.<\/p>\n<p>And it\u2019s the Midlands\u2019 regional economy that\u2019s worth more than \u00a3230 billion \u2013 larger than countries such as Denmark.<\/p>\n<p>An economy that boasts over 14% of the UK\u2019s high-growth businesses.<\/p>\n<p>That\u2019s underpinned by a prime central location \u2013 within easy reach of London and the UK\u2019s Northern heartlands.<\/p>\n<p>And by excellent transport links.<\/p>\n<p>A road and rail network that connects the Midlands with the rest of the country\u2026<\/p>\n<p>\u2026with the new HS2 route set to cut journey times dramatically.<\/p>\n<p>As well as 2 international airports that connect the region to Europe and the world.<\/p>\n<p>Then there are its many universities, with their cutting-edge research and teaching excellence.<\/p>\n<p>And with people under 20 making up a quarter of the region\u2019s population, its young, dynamic workforce.<\/p>\n<p>So the economic case for the Midlands is clear.<\/p>\n<p>Which brings us to the <a rel=\"external\" href=\"http:\/\/meif.co.uk\/\">Midlands Engine Investment Fund<\/a>.<\/p>\n<p>Why this fund and why now?<\/p>\n<p>Because it\u2019s not just the small businesses in line for funding who\u2019ll benefit.<\/p>\n<p>The growth and the jobs they generate, as a result, will benefit the entire Midlands \u2013 and, ultimately, the British economy.<\/p>\n<p>So we all have an interest in supporting them and seeing them succeed.<\/p>\n<p>And ensuring that every single part of the UK can play to its strengths and spread prosperity \u2026<\/p>\n<p>\u2026something which is absolutely central to our Industrial Strategy and creating a country that works for everyone.<\/p>\n<p>The Midlands Engine Investment Fund is doing just that\u2026<\/p>\n<p>\u2026which is why, as the Midlands Engine Ministerial Champion, I\u2019m proud to give it the government\u2019s full backing.<\/p>\n<p>As you know, the fund is the result of investment and collaboration involving many players\u2026<\/p>\n<ul>\n<li>my department and the Department for Business, Energy and Industrial Strategy<\/li>\n<li>the British Business Bank<\/li>\n<li>Local Enterprise Partnerships (LEPs)<\/li>\n<li>the West Midlands Mayor and business leaders<\/li>\n<li>and also European funding<\/li>\n<\/ul>\n<p>And I want to thank everyone involved \u2013 many of you who are here today\u2026<\/p>\n<p>\u2026who have helped forge these strong partnerships at a national and local level.<\/p>\n<p>We can see these efforts starting to pay off\u2026<\/p>\n<p>\u2026with the first companies to receive small business loans and debt finance under phase one of the fund already reaping the rewards.<\/p>\n<p>These include Direct Digital Controls, in the West Midlands.<\/p>\n<p>A business that specialises in installing and maintaining energy and environmental control systems.<\/p>\n<p>Thanks to investment from the fund, it\u2019s expanding. It\u2019s now set to take on four new employees and train an additional apprentice.<\/p>\n<p>There\u2019s Olberon, a medical devices company, based in Nottingham.<\/p>\n<p>Finance from the fund will have a huge impact on its international commercial sales\u2026<\/p>\n<p>\u2026by allowing the firm to develop existing links with distributors and market its products more effectively.<\/p>\n<p>And also BCME, owner of specialist education provider \u2013 Echo Factor \u2013 in Leicester\u2026<\/p>\n<p>\u2026which will use the fund\u2019s support to maximise student numbers and become more self-sustaining.<\/p>\n<p>And, Renewable ON Ltd, a clean energy lighting specialist, from Milton Keynes.<\/p>\n<p>The loan funds it has received will go towards cash flow including stock, wages and marketing to fulfil initial orders.<\/p>\n<p>Many of these sorts of small companies struggle to access the financial support they need from mainstream lenders\u2026<\/p>\n<p>\u2026because they don\u2019t meet conventional criteria on security or risk.<\/p>\n<p>The Midlands Engine Investment Funding ensures that they will finally get this help\u2026<\/p>\n<p>\u2026and be able to grow, generate jobs and realise their untapped potential.<\/p>\n<p>But, as I said earlier, these ripples of prosperity will spread far beyond those who receive the funding.<\/p>\n<p>And we can already see evidence of this, with an increased buzz around business start-ups\u2026<\/p>\n<p>\u2026stronger <abbr title=\"Small and Medium Enterprise\">SME<\/abbr> growth and improving business confidence.<\/p>\n<p>All of which are fuelling a greater demand for external finance.<\/p>\n<p>And I expect this momentum to build following today\u2019s launch of the Fund\u2019s remaining equity and proof of concept funds.<\/p>\n<p>Funds that will back the Midlands\u2019 most innovative small companies \u2013 start-ups, scale-ups and everything in between \u2013 to succeed.<\/p>\n<p>That will support them to work with our top universities.<\/p>\n<p>That will help them develop and test pioneering technologies, processes and products and bring them to market.<\/p>\n<p>And provide venture capital to realise the ambitions of our high-growth companies.<\/p>\n<p>Having spent 19 years in finance \u2013 including in private equity and investments\u2026<\/p>\n<p>\u2026I know, first-hand, what a difference this investment in ground-breaking ideas and technology will make.<\/p>\n<p>Putting the Midlands on track to create the word-class companies of the future.<\/p>\n<p>So, with over \u00a3250 million now available \u2013 and these funds being matched pound for pound by investment from the private sector\u2026<\/p>\n<p>\u2026there\u2019s a huge prize at stake.<\/p>\n<p>A boost for around 1,500 SMEs across the Midlands.<\/p>\n<p>An estimated 3,800 jobs created as a result.<\/p>\n<p>And, vitally, a return that will be ploughed back into the region to drive growth in years to come.<br \/>\nI know that these companies\u2019 ambitions \u2013 and those of the Midlands\u2019 business sector, as a whole \u2013 know no bounds.<\/p>\n<p>And neither do ours.<\/p>\n<p>Which is why Sir John and I undertook a trade mission to China last November to promote closer business links with the Midlands Engine.<\/p>\n<p>This was a great success, with 18 Midlands\u2019 companies from a variety of sectors taking part.<\/p>\n<p>And lots of interest and enthusiasm generated among Chinese businesses and potential investors\u2026<\/p>\n<p>\u2026some of whom are in active discussions about future trade and investment prospects in the Midlands.<\/p>\n<p>We\u2019re now looking to follow this up with a Midlands Engine trade mission to India later this year.<\/p>\n<p>I know that you\u2019re thinking\u2026<\/p>\n<p>\u2026but this is not a showdown between whether Birmingham or Mumbai does the best curries!<\/p>\n<p>There can only be one winner in that contest \u2013 clearly those that my mum makes!<\/p>\n<p>We\u2019re going all out to spread the world overseas about the Midlands Engine and the endless opportunities it offers.<\/p>\n<p>Because the Midlands\u2026<\/p>\n<p>\u2026it\u2019s dynamic businesses and talented, hard-working people\u2026<\/p>\n<p>\u2026are, without doubt, up there with the best in the world.<\/p>\n<p>With an illustrious past that few countries can match, never mind regions.<\/p>\n<p>And, with the <a rel=\"external\" href=\"http:\/\/meif.co.uk\/\">Midlands Engine Investment Fund<\/a> delivering more jobs, growth and productivity\u2026<\/p>\n<p>\u2026an even more exciting future ahead.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sajid Javid speaks at the launch of the Midlands Engine Investment Fund.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/89275"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89275"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/89275\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}