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Business Secretary Sajid Javid will today visit Birmingham City University and a former Typhoo tea factory in Birmingham, which will be renovated into a creative innovation centre.

The government will invest 拢14 million in STEAMhouse in Digbeth to bring together arts and culture with science, technology, engineering and maths, and drive innovation within the former factory walls.

A Midlands Engine Investment Fund of over 拢250 million, run by the British Business Bank to invest in smaller businesses in the Midlands, has also been agreed with the government and Local Enterprise Partnerships.

Business Secretary Sajid Javid said:

Driving growth in the Midlands is a key part of the government鈥檚 devolution revolution.

There are almost 96,000 more businesses now than in 2010, the equivalent to 52 opening every day. The new 拢250 million Midlands Engine Investment Fund will go further by backing even more growing businesses and creating thousands of new jobs throughout the region.

This week鈥檚 Budget drives forward the government鈥檚 vision for the Midlands Engine, and commits to supporting the development of Midlands Connect鈥檚 long-term transport strategy and the region鈥檚 traditional strengths in manufacturing and engineering.

Aerospace firms in the East Midlands will also benefit from 拢16 million in research and development (R&D) funding, matched by industry. This includes 拢7 million to help Rolls-Royce develop new high-temperature alloys in Derby.

The Midlands will also receive over 拢15 million funding to support R&D into lowering vehicle emissions.

Notes to Editors

1. More information on the Budget announcements for the Midlands Engine are available in Budget 2016.
2. The new 拢250 million Midlands Engine Investment Fund, a collaboration between British Business Bank and the region鈥檚 Local Enterprise Partnerships, will contribute to efforts to rebalance the UK economy across the regions by focusing on the Midlands鈥� 460,000 smaller businesses.
3. Specifically for the Midlands Engine, the Chancellor announced the government has agreed: * a new Mayoral Devolution Deal worth 拢450 million over 30 years devolution deal for Greater Lincolnshire * that Midlands Connect will be put on a statutory footing by the end of 2018 to create a single transport body for the Midlands Engine following the 拢5 million investment last year * a raft of transport investments including 拢11 million to repair 214,000 potholes across the region and 拢1.4 million to expand car parking facilities at Market Harborough rail station * new Enterprise Zones at Brierley Hill, in Dudley, and Loughborough and Leicester, to attract jobs, private investment and growth in businesses * 拢16 million, matched by industry, to support aerospace firms in the East Midlands which includes 拢7 million to help Rolls Royce develop new machinery in Derby * 拢14 million in STEAMhouse, a creative innovation centre in Digbeth, Birmingham, bringing together arts and culture with science, technology, engineering * 拢1 million for transforming Coventry鈥檚 historic Drapers鈥� Hall theatre into a multi-purpose centre for the region鈥檚 musicians, including a recording studios and music library * 拢1.5 million from banking fines for the Royal British Legion, to establish a memorial to RAF Bomber Command in Lincolnshire * 拢700,000 from banking fines for Birmingham Children鈥檚 Eye Hospital, to help transform the eye department and help create the first centre for children with rare diseases and undiagnosed medical conditions * 拢200,000 for We鈥檒l Meet Again, to establish a permanent museum in Lincolnshire to house one of the largest WW2 memorabilia collections in the UK * that 239 museums across the Midlands will be eligible to claim a new corporation tax relief for museums and galleries from 1 April 2017 * 拢2 million to develop a regeneration master-plan for Birmingham鈥檚 Snow Hill district. This will help to maximise the potential of Snow Hill Station and the surrounding Colmore Business District. The government will also support Greater Birmingham and Solihull LEP to develop a proposal for a new Knowledge Quarter in the area around the Curzon Street HS2 station