CHAMBER NEWS
Daring vision to transform the region’s economy on the table
The East Midlands is planning a historic fightback from the economic impact of Covid-19 with a bold new vision to grow the economy. Councils, businesses and universities across the region have come
together to develop long-term plans that aim to create 84,000 jobs, unleash new technologies and add billions to the value of the East Midlands economy. Backed by the Midlands Engine partnership, they will use proposals for a
new East Midlands Development Corporation to drive a series of large-scale development sites, linking them to local communities through drastically improved transport connections. They are also looking to East Midlands Airport to build on its status as
the UK’s biggest airfreight gateway to drive international trade for key regional industries and businesses. Each of the proposals individually covers an area the size of the London
Olympic Park. They are being hailed as a potential transformation for the region’s economy by MPs, council and business leaders and universities. Midlands Engine Chairman Sir John Peace, who has steered the oversight
board behind the proposals, said: “This is going to be nothing short of a transformation. It has inclusive growth at its heart, and will deliver a level of social mobility which brings new community prosperity. “Our economy is at a historic turning point. We must grasp industrial and
environmental change, look beyond the impact of the pandemic, and drive new opportunities as the UK builds new trading relationships with the world. “To make the most of this massive potential, we are working together to build a new organisation which will have the drive and purpose to achieve rapid progress.”
The East Midlands Development Corporation team is working with the Midlands Engine to secure an initial £235m of funding from Government, which will enable it to finalise proposals for three massive developments that will feed into each other to create regional impact:
• Toton and Chetwynd – using the HS2 hub station at Toton as the super- connected centrepiece of a new “Garden of Innovation” featuring a new community and innovation district
• Ratcliffe-on-Soar – transforming the UK’s last coal-field power station into ZERO, a global research centre that will develop real-world low- emission technologies
• East Midlands Airport – already the UK’s largest airfreight hub, the airport could be the centrepiece of an inland freeport that will provide regional businesses with a lower-cost gateway to international trade post-Brexit
The Development Corporation will work to make sure the major
redevelopment opportunities – which cross local authority boundaries – are joined up and maximise their potential. Scott Knowles, chief executive of the Chamber, said: “We can see huge,
long-term potential in these proposals. The better connectivity unlocked by HS2 and the proposals for airport expansion can be combined with the redevelopment of Ratcliffe to achieve a long-term impact which really shifts the dial of regional economic performance. “It is vital now that the Government backs these proposals to the hilt. We
want to turn challenge into opportunity and the East Midlands Development Corporation is the right vehicle for us to do that.”
business network November 2020
27
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80
