Government funds £60m for innovation research in the Midlands

The government has invested £60 million in accelerating innovation across the Midlands Engine.

Chancellor George Osborne has committed £60 million to launch the Energy Research Accelerator (ERA) to grow the region’s high-tech economy.

The ERA will be part of the ‘Midlands innovation’ initiative and will help release a further £120 million of private sector investment. The project is designed to tackle significant energy challenges which are facing the UK, including making best use of available resources and producing affordable energy.

Commercial secretary to the Treasury, Lord O’Neill said: “Backing innovation and skills is key to helping make the Midlands an Engine for Growth for Britain and this funding will help to drive forward the combined expertise for the leading universities in the region.

“The chancellor used the Spending Review last year to set out how the government is making significant investments in the Midlands, across transport, energy and culture and this funding is another example of our work to back the region’s strengths.”