Vision of region’s £235m recovery
THREE MASSIVE ZONES TO DRIVE JOB CREATION,
NEW images of three key sites which it is hoped will secure the long-term future of the East Midlands economy with a massive £235 million postCovid plan, creating thousands of jobs have been unveiled.
They show how three massive zones might be transformed by major development. They are aimed at boosting business to levels that would drive large-scale job creation and unlock a new era of green growth for the regional economy. The three sites are:
East Midlands Airport area, which supports the region’s status as a centre for advanced manufacturing and research, and is a national and international logistics gateway which will be at the heart of a new freeport.
Ratcliffe-on-Soar Power Station site, transforming part of the site of the UK’s last coal-fired power stations into a national centre for carbon zero technologies and manufacturing innovations, which is also in the Freeport zone
Toton and Chetwynd, creating a new community that will centre on a Garden of Innovation and the proposed HS2 hub station.
The images have been released as the region takes a decisive step towards setting up the East Midlands Development Corporation, which will help drive the vision’s progress, by submitting a business case to Government. It comes two weeks after Chancellor Rishi Sunak gave the go-ahead for a freeport to be established in the area.
An interim body, which will begin the work of the corporation before Parliament formally approves its formation, will be set up from next month. This body will help plan and enable development, working with businesses, investors and universities to get projects off the ground.
The business case to the Government says investment in the sites could deliver 84,000 jobs, more than £4.8 billion in added value, and create thousands of new homes.
The development corporation is one of the key projects of the Midlands Engine, the partnership of private and public sector organisations that works to promote growth across the region.
Midlands Engine chairman Sir John Peace has also chaired the group that led development of the new body. He said: “What we have in front of us is one of the biggest opportunities the UK has ever seen to not just build on the potential of some major economic assets, but to transform the economy of an entire region in the process.
“The sites themselves are collectively the size of three London Olympic Parks and the vision for their growth is both ambitious and futuristic, embracing our carbon zero future and unlocking new opportunities which range from international trade to communitylevel growth. We must begin the work to unlock that potential now, and we start next month with the launch of the interim body.”
The five councils initially backing the interim vehicle are Leicestershire and Nottinghamshire county councils, together with Rushcliffe and Broxtowe borough councils, and North West Leicestershire District Council. Talks on how the model can be extended further into the East Midlands are continuing.
Councils in Derbyshire and Lincolnshire are also supporting the initiative for the East Midlands.
Councillor Chris Poulter, leader of Derby City Council, said: “We are excited by the potential benefits for Derby of the development corporation sites at Toton, Kegworth and the airport. We need to couple these development sites with those in the Freeport business case, being prepared. Derby can provide much of the workforce for the potential jobs and have the training and research and development capability required.
“Through diversity in our main manufacturing base, improvements in the productivity rates for the region will come with these and other developments such as SmartParc and NAMRC at Infinity Park as part of the levelling up process.”
Councillor Kay Cutts, leader of Nottinghamshire County Council, said: “We are asking the Government to invest in our communities as we have built a vision to attract inward investors from all over the world – for every £1 invested we will deliver £2 back.”
Clare James, East Midlands Airport’s managing director, said: “I welcome the opportunity to work in partnership with businesses and public sector bodies to help shape a future vision for this region and deliver economic growth and prosperity for people who live, work and study in this region.“
“When the region does well, so too does the airport and vice versa. It’s therefore in all of our interests that the East Midlands prospers, and the airport, which is our doorway to the world, will continue to play a key role in this.”
Elizabeth Fagan, chair of the D2N2 Local Enterprise Partnership, said: “The freeport has been a fantastic win for the region and we are now working with partners to deliver it at pace. The proposed East Midlands Development Corporation will provide significant investments to accelerate and sustain our region’s economic recovery and growth.”
The East Midlands Chamber of Commerce represents 4,300 businesses across the region. Its chief executive, Scott Knowles, believes the East Midlands economy now has a series of major opportunities that must play a decisive role in the recovery of the region.
He said: “The Government’s decision to award a freeport to the East Midlands is a huge vote of confidence in our prospects. The development corporation and the partnership behind it give us an additional opportunity to drive joined-up progress faster than ever before and to turn the region into the UK’s investment destination of choice. It’s vital that the whole region now gets behind these opportunities and makes the most of their potential.”