The Economic Challenge
The Midlands currently contributes approximately £12 billion to the UK economy through its manufacturing output and is at the heart of the UK’s automotive industry. Midlands’ universities generate an output of over £3 billion per year and support 70,000 jobs.
ERA will build on the existing cluster of energy research and development in the Midlands, capitalising on the engineering, manufacturing, and research heritage of the region. It will create thousands of high technology jobs and open the gateway to global markets. This will play a central role in the UK’s growth and productivity agenda through the Midlands Engine for growth. With a variety of international business and academic links, the Midlands region has the drive and aspiration to become a global hub of innovation.
The Energy industry contributed over £25 billion directly in 2013, and delivered an extra £71 billion of benefit. It supports 680,000 jobs in the UK and continues to be a growth industry.
The global energy storage market is set to grow by 8% per annum, rising to be worth £35 billion by 2020. 40% of the UK’s energy demand is linked to heat which in turn produces about 25% of CO₂ emissions.
Based in the Midlands and with an estimated turnover of £64.1 billion, the UK automotive sector produces £12 billion in value added to the economy and exports worth over £30 billion annually.
The six Midlands universities have a combined output of £3 billion per annum, and support 70,000 jobs through their output and students.