Business leaders gather to map out ‘new vision’ for East Mids economy
A new vision for the future of the East Midlands economy will be the focus of the first meeting of the Midlands Engine Development Corporation Oversight Board today (4 March).
The new board will discuss the first phase of work to unlock £2m of Government funding for the creation of a locally-led development corporation to lead on the Toton Growth Zone project.
Organisations on the board include county and city councils in the region, Broxtowe Borough Council, Rushcliffe Borough Council, East Midlands Airport, UNIPER, The University of Nottingham, D2N2 and East Midlands Chamber.
Supporters of HS2 say it will be a major catalyst for growth with a predicted £4bn economic uplift by 2043 and will create around 11,000 jobs.
The plans also aim to bring forward a total of 74,000 new jobs, 20,000 homes and 10 square kilometres of development land as part of the zone around Toton and East Midlands Airport as well as the Ratcliffe-on-Soar power station site, which is expected to close by 1 October 2025 in line with the Government’s coal phase-out policy.
Midlands Engine chairman Sir John Peace said: “The economic potential of Toton represents one of the biggest opportunities in a generation for economic growth in the East Midlands.
“The inaugural steering group meeting at the University of Nottingham next week (Monday) will start the process that will ensure that we make this potential a reality.”
The first meeting takes place at the East Midlands Conference Centre on Beeston Lane, set within the park campus of The University of Nottingham.
The Chancellor Philip Hammond announced plans to create the development body at the last Conservative Party Conference in October.
TheBusinessDesk.com will carry a report from the meeting tomorrow.
