‘Freeports’ plan could bring 40,000 jobs to East Midlands

A report seen by TheBusinessDesk.com has outlined ambitious plans to create “freeports” in the East Midlands as well as building further on the East Midlands Airport expansion scheme by forming an East Midlands Development Corporation in a move that could bring forward 40,000 jobs.

The report, authored by Anthony May, chief executive of Nottinghamshire County Council, says that regeneration would be concentrated around Ratcliffe on Soar Power Station, Toton and Chetwynd Barracks and East Midlands Airport and would create £4.8bn GVA growth a year for the region.

The report states that: “Through establishing a locally led development corporation across these three sites, it is envisaged that a single, integrated vision and economic development proposition could be established.”

Ratcliffe on Soar Power station could be turned into an employment-led development through a joint university and industry collaboration. Other uses could include a new skills centre, energy generation, data storage, and advanced manufacturing.

Consideration is also being given to the potential for “freeport” status, working with East Midlands Airport. This follows a government announcement last year that bids will be invited for freeport status. In total, the emerging proposition highlights the potential to deliver up to 20,000 jobs.

Proposals for Toton and Chetwynd Barracks include creating a garden village with a mixture of housing and employment that has the potential to deliver around 4,500 homes and up to 6,500 “knowledge-driven” jobs.

The report says: “The area will have unrivalled national, regional and local public transport links. The vision of a ‘station in a park’ with a mixed-use innovation campus connects well with the concept of a ‘Green Corridor’ integrating the three development locations via the River Erewash and canal.”

Proposals at East Midlands Airport point to SEGRO’s 700-acre East Midlands Gateway served by a major new rail freight terminal, which will create 7,000 additional jobs on completion. The development proposition will include sustainable growth and acceleration of freight handling capacity beyond existing growth plans. Consideration is also being given to a freeport at this site.

Plans to establish an East Midlands Development Corporation that would bring forward a “once-in-a-generation” opportunity to transform the region’s economy moved a step closer last February after the government signed off a £2m fund to start to establish the body.

The funding was announced by then Chancellor Philip Hammond at 2018’s Conservative Party Conference.