Corporation could help unlock ‘green growth’
BUSINESS CASE MADE TO BRING IN £4.8BN A YEAR AND 84,000 JOBS
A DRIVE is under way to bring in billions of pounds in revenues and create tens of thousands of jobs.
The huge planned schemes around East Midlands Airport, Ratcliffe-on-Soar Power Station and the planned HS2 hub at Toton, in Nottinghamshire, are being used in a business case for an East Midlands Development Corporation (EMDC).
The case sets out how the new regional body could support regeneration schemes that could potentially add £4.8 billion a year to the East Midlands economy, create an estimated 84,000 jobs and deliver thousands of homes.
Supporters said the three key zones around the airport, planned HS2 hub and soon to be decommissioned power station could unlock a new era of green growth for the regional economy.
The airport and Ratcliffe site were recently given freeport status by the Chancellor, while Ratcliffe is also being considered as a potential site for the UK’s first nuclear fusion power plant.
The five councils covering the three zones have come together to fund an interim body which will begin the work of the planned development corporation, while parliament considers formal approval.
The interim body will work with businesses, investors and universities to get projects off the ground.
The corporation is one of the key projects of the Midlands Engine, the partnership of private and public sector organisations which works to promote investment and growth across the region.
Midlands Engine chairman Sir John Peace 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 are collectively the size of three London Olympic Parks and the vision for their growth is both ambitious and futuristic, embracing our net 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 interim vehicle is backed by Leicestershire and Nottinghamshire county councils, 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.
Leicestershire County Council leader Nick Rushton said: “These are bold plans designed to transform the East Midlands and unlock thousands of much-needed jobs and investment.
“By advancing our green technology sector, they create a good opportunity to put our region firmly on the map. Like other areas, our economy has taken a big hit during the pandemic and I’m keen we seize every opportunity to bolster Covid recovery and support our businesses to bounce back quickly.”
North West Leicestershire District Council leader Richard Blunt said: “This is a real opportunity for North West Leicestershire and the wider region and it offers huge potential to support the economic recovery and growth of the area.
“How we rebuild our economy after the Covid-19 pandemic will be key to the long-term prosperity of our district, and it’s great to see key partners working together on this ambitious, once-in-a-generation plan.
“North West Leicestershire is proud to be a green district with ambitious zero-carbon targets and we’re pleased green growth is a key part of the development plan.”
East Midlands Airport managing director Clare James said: “When the region does well, so 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.”
Kevin Harris, chairman of the Leicester and Leicestershire Enterprise Partnership (LLEP) board of directors, said: “This is an exciting time for the East Midlands.
“Our bid for a freeport has been accepted, meaning we will play host to the UK’s only inland freeport.
“This latest initiative will build on this – the East Midlands Development Corporation is set to attract even more investment.
“I am pleased the LLEP is supporting this programme, which will see marked improvements to our already world-class transport infrastructure.
“The goal of the EMDC is to ensure that the East Midlands is equipped to take full advantage of the boundless business opportunities of the future and to make our region the place for long-term investment.”
Scott Knowles, chief executive of the East Midlands Chamber, said: “The East Midlands economy now has a series of major opportunities which must play a decisive role in both the recovery of the region and in unlocking the commercial opportunities presented by our digital and carbon zero future.
“Government’s decision to award a freeport to the East Midlands is a huge vote of confidence.
“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 the whole region gets behind these opportunities and makes the most of their potential.”
The goal is to ensure the region is equipped to take full advantage of the boundless opportunities
Kevin Harris, right