While the Northern Powerhouse seems to be the main beneficiary outside of London, the Budget saw good news for the Midlands too, alongside the claim that one job is created every ten minutes in the region.
Mike Steventon, Midlands Regional Chairman, KPMG said: “A real boon for the region is the announcement of a £100m investment into developing driverless cars. The Midlands is the real heartland of automotive and has one of four driverless pilot areas in Coventry, as well as Europe’s finest independent driverless testing facilities at MIRA in Leicestershire. Add to that our rich automotive heritage and the investment of JLR into the region, and the Midlands is well placed to lead on an automotive upturn in this Budget.
“Still on transport, I’m pleased to see the announcement of a High Speed Rail Investment Summit in Birmingham – the goal of attracting overseas investment into the region is one we can only welcome, and will add to the positive economic impact we hope HS2 will bring.
“And finally, the news of a £60m investment into an Energy Research Accelerator to develop new energy technologies is a real testament to the region’s strength in research and innovation – we have some of the top universities in the world, and so it should be of no surprise that the Midlands is leading the way on such an important development.”
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Frances Herman-Squance, KPMG Corporate Communications
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.