A new vision for the long-term future of the East Midlands economy is revealed today with images which show how landmark sites could together deliver tens of thousands of new jobs and drive a futuristic recovery from the pandemic.
They show how three massive zones – covering areas around East Midlands Airport, Toton Hub, and Ratcliffe-on-Soar Power Station – might be transformed by major development which would boost growth to levels which drive large-scale job creation and unlock a new era of ‘green’ growth for the regional economy.
The new images have been released as the region takes a decisive step towards setting up the organisation which will help drive the vision’s progress – and just two weeks after Chancellor Rishi Sunak backed the region’s bid to host a trade-boosting inland freeport.
The five councils covered by the three zones have come together to fund an interim body which will begin the work of the planned East Midlands Development Corporation before parliament formally approves what will be a pioneering new model for upping the pace of regional growth.
The interim body will help masterplan and enable development, working with businesses, investors and universities to help get projects off the ground.
The Business Case will be considered by government, which revealed in the Budget that the East Midlands had been chosen as the site of one of eight new Freeports in England.
The Development Corporation is one of the key projects of the Midlands Engine, the partnership of private and public sector sector organisations which works to promote investment and growth across the region.
Midlands Engine chairman Sir John Peace – one of the region’s most senior business figures – has chaired the group which 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 net zero future and unlocking new opportunities which range from international trade to community-level 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.
While the new Development Corporation requires Westminster approval, it will be locally-led and also supported by cash from local Business Rates – giving the region’s businesses a stake in its progress.
The Business Case submission to government throws a spotlight on the key role prominent regional economic assets like East Midlands Airport will play in driving economic growth. It is home to the UK’s largest dedicated air freight handling operation.
By attracting ambitious, private-sector investment, the three sites will have the capacity to shift the dial of productivity for the regional economy. They are:
- East Midlands Airport area: which supports the region’s status as a centre for advanced manufacturing & research, and is a national and international logistics gateway which will be at the heart of the new Freeport zone
- 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 & Chetwynd: creating a new, connected community which will centre on a Garden of Innovation and the proposed HS2 Hub Station.
The East Midlands Chamber of Commerce represents 4,300 businesses across the region.