Estates Gazette speaks exclusively with Sir John Peace, the recently appointed chair of the Midlands Engine. Lisa Pilkington asks the questions
Q: Why did you decide to take on the role of chairman of the Midlands Engine initiative?
A: I grew up in a mining family in Nottinghamshire. I am proud of that, and proud to be from the Midlands. I founded Experian here, and still live here in a small village called Caunton. I want to see Caunton and other places like it outside of London succeed. I’m not motivated by politics.
For decades our regional economies, the Midlands included, have been neglected. So my reason for taking the role is simple: I believe that we need much stronger regional economies.
Q: Do you think the East Midlands can ever truly step out of Birmingham’s and the West Midlands’ shadows?
A: I would not say that the East Midlands lives in Birmingham’s shadow. Birmingham is rightfully Britain’s second city, and is fast becoming a global city in its own right. What benefits one part of the Midlands naturally benefits all of it.
Q: What qualities or opportunities do you think the Midlands Engine has over competing initiatives such as the Northern Powerhouse?
A: We are a manufacturing heavyweight, and the only region that has a trade surplus with China. We are not competing directly with the Northern Powerhouse. It is not a case of playing catch-up – that is the wrong way of looking at it. The Midlands Engine complements the Northern Powerhouse and other regions.
Q: What are your priorities for the first few months in post?
A: I will be demonstrating how we are best placed to help the government achieve its aims of increasing social mobility in Britain; ensuring the economy remains strong during and after Brexit negotiations; and creating a new industrial strategy that will build a more balanced and prosperous economy.
Q: What impact do you think Brexit will have on cross-border investment?
A: It is still too early to tell. However, I believe Britain – led by the Midlands – can seize the opportunities that Brexit offers. The weak pound helps our manufacturers, and the necessity of forging stronger links with countries outside of the EU will mean more opportunities with markets like China, India and North America.
Q: How much of the initiative’s funding comes via the EU?
A: It is true that we benefit from European funding but we are not dependent on it. We are funded primarily by the £250m Midlands Engine Investment Fund, which was announced in the March 2016 budget.
Q: How crucial is high-speed rail/HS2 to growth in the Midlands Engine?
A: It is a game-changer for the Midlands. A spade has not touched the ground yet, but already HS2 is having a big impact. Investment has poured in, and the areas around our two HS2 stations – Curzon Street in Birmingham and UK Central in Solihull – will be rejuvenated by the arrival of the line.
