The £250m Midlands Engine Investment Fund, announced by former Chancellor George Osborne in his March 2016 Budget, and aimed at boosting the region’s economy, is still tied up in paperwork. A spokesman for the British Business Bank said the fund was made up of four lots, two of which, an £80m equity funding pot and £20m for proof of concept and early stage funds, were going through “another procurement action to make sure the process is as robust as possible”. Meanwhile, its £400m Northern Powerhouse rival is already being distributed to SME companies.
Express & Star