Derby ‘the bigger winner’ as Midlands Engine strategy unveiled

Derby City Council was a “big winner” as the government unveiled its Midlands Engine Strategy, according to the leader of the city council.

The Chancellor Philip Hammond yesterday revealed a £392m package of investment which will boost projects across the region.

The D2N2 Local Enterprise Partnership has been awarded £63m which includes up to £11m of funding to regenerate Derby city centre for schemes such as the creation of a new performance venue on the site of the Assembly Rooms, new homes and commercial space.

Martin Rawson, Deputy Leader of Derby City Council said: “It’s indeed good news to learn that all four projects for which we submitted bids have been recognised. I now await details from D2N2 on what this means for each project.”

The strategy recognises the need to improve connectivity in the Midlands, and so the government will invest £2.4m to enable D2N2 Local Enterprise Partnership (LEP) to purchase strategic sites to improve transport connections.

Meanwhile, business leaders from across the region have welcomed the investment.

Ian Borley, East Midlands senior partner and head of enterprise at KPMG, comments on the Midlands Engine

Ian Borley

Strategy published today.

He said: “I’m pleased to see the plans and investment that the Government has pledged to make in the Midlands, recognising the important part our region has to play in driving national economic success.

“It’s really encouraging to see the spread of investment throughout the region, as it can often feel like the East Midlands gets overlooked, but the announcement of a further £392m in the Midlands includes a number of support projects across the patch, such as a global hub for space technology in Leicester and £12m to improve roads in Loughborough.

“This strategy has the potential to boost our regional and national economies, which will achieve greater prosperity, create more jobs and result in a better quality of life for local people. The statistics don’t lie, the Midlands is the real heartland of automotive and manufacturing, we have a strong services sector, employment is rising, and our cities and towns are growing. Which is why the measures announced both today and in yesterday’s Budget are absolutely crucial to ensure that our region is fit to compete on the global stage.”

Matthew Smith

Matthew Smith, lead director of JLL’s Nottingham office, said: “The key going forward will be for the Midlands Engine Strategy to build on the good work done by places such as Nottingham, Derby, Leicester and Loughborough to ensure an integrated approach with the Combined Authorities.

“We know from experience when it comes to Foreign Direct Investment, investors don’t see municipal boundaries they look at regions, however cities such as Birmingham are more widely recognised. The Midlands Engine gives Nottingham a greater voice and more opportunity to identify our strengths to investors and benefit from a major source of wealth creation.”