A powerful new economic observatory that will provide valuable data and insight has been officially launched.
Up-to-date analysis will allow the Midlands Engine Partnership to target resource in the most effective ways to present the evidence to Government on the best ways to accelerate growth in the economy.
The Midlands Engine Partnership has tasked the Observatory to initially deliver two flagship pieces of analysis:
- An Independent Economic Review of the Midlands
- An assessment of the potential impact of Brexit on the different sectors across the region
The Observatory will also help the delivery of the strategic programmes within the Midlands Engine, including the transport arm Midlands Connect, trade and investment, skills, innovation and enterprise, and shaping places.
Another task of the observatory will be to provide a greater visibility of what is happening in the future for the Midlands, which is home to more than 10 million people and 800,000 businesses. This will allow businesses to be more ready to react in an agile way to environmental and technology changes.
Communities Secretary Rt Hon James Brokenshire MP, who is also the Government’s Midlands Engine Champion, said:
Collaboration is at the heart of delivering our modern Industrial Strategy and an economy which works for everyone, so I’m proud to see two of the region’s great universities come together with the Midlands Engine Partnership and other local experts to develop a rich picture of the Midlands economy.
I look forward to seeing the analysis produced by the Observatory and continuing to work with our partners across the region to deliver our vision for a strong and prosperous Midlands Engine as we leave the European Union.
Sir John Peace, Chairman of the Midlands Engine, added:
The Observatory will help us develop a crucial piece of the evidence base when we make decisions or present our case to Government.
We need to develop a greater granular knowledge of our economy if we are to exploit our strengths in the Midlands and increase our productivity. Also it is important that we are ready for what lies ahead – the Observatory will provide us with this vital information at a sub-regional level.
The Midlands Economic Observatory is a partnership led by City-REDI at the University of Birmingham and includes Nottingham Trent University, Black Country Consortium, SQW, Cambridge Econometrics.