£11Bn for the Midlands Growth
Lord Heseltine launched his major report on economic growth in Birmingham on Wednesday the 31st of October.
- The Government to set out clearly a comprehensive national growth strategy.
- Create a National Growth Council, chaired by the Prime Minister.
- Local Enterprise Partnerships to develop their own tailored local economic plans. From 2015-16 they would compete for a share of a single national pot to support growth over a five year period.
- Under the current spending review this would account for £49bn of central public spending on skills, local infrastructure, employment support, housing, business support services and innovation. This would be supplemented by the current approximate £9bn of European common strategic framework funds.
- Government and private sector to work together to create a strong, locally based business support infrastructure.
- All sectors of industry to have a formal relationship with a government department, building on the examples in the automobile and aerospace industries.
- Lord Heseltine presented his report to the Chancellor of the Exchequer and the Business Secretary Vince Cable. The Government will now consider the recommendations.