WORCESTERSHIRE Local Enterprise Partnership has joined with 11 others across the region to create a "Midlands engine for growth", an ambitious master plan which could boost the UK economy by £34bn.

Key plans include the development of a region-wide European Union-backed fund, building a stronger network of science parks and putting on a united front to attract inward investment.

Gary Woodman, executive director of Worcestershire LEP, said: "The launch of the Midlands Engine is great news for local businesses. Business has no boundaries and through the Midlands Engine, of which we have a key part to play, we will work across the region to benefit Worcestershire and the surrounding areas. The initial focus areas announced of promotion, skills, transport, research and innovation and access to finance resonates with the priorities of Worcestershire’s Strategic Economic Plan to benefit local companies and through heightened global promotion of the area, will bring further investment and jobs.

“This collaboration will help increase our productivity further with the most recent statistics showing that Worcestershire’s productivity grew by 2.7 per cent between 2012-13, the fastest rate in England. At the launch it was very clear that across the Midlands we are all united in our ambition to work together to grow the economy further for the long term prosperity of the region.”

The plan is backed by business secretary Sajid Javid and estimates that a Midlands Engine, similar to the Northern Powerhouse, could generate £34bn and create 300,000 in the next 15 years.

He said: "The Midlands is the heartland of our thriving manufacturing sector and home to 25 universities, playing a strong role in the recovery of the UK economy. But there are more opportunities to capitalise on the Midlands’ natural strengths and assets and make it an engine for growth. Through this prospectus, which sets out the region’s own vision to unlock greater economic growth, it’s time to fire up the Midlands Engine."

Ambitions include creating the first ever Midlands Engine trade mission to drive exports, developing a region-wide tourism offer and enhancing skills in manufacturing and engineering. The aim to boost the Midlands' global reach will be supported by a £5m government injection, which was announced by Chancellor George Osborne in the Autumn Statement. There are also plans to develop a regional fund using cash from the EU Joint European Resource for Micro to Medium Enterprises (JEREMIE) programme.