Plans for East Midlands Development Corporation to be unveiled

Plans aimed at boosting the future potential of the East Midlands economy will be the focus of an investment summit in Leicester todau (Friday 8 February).

The East Midlands Infrastructure Summit at City Hall, Leicester, will see local MPs, council and business leaders will be made aware of plans to launch a Development Corporation. The Corporation’s goal is to maximise the potential of the land around the site of the proposed HS2 station at Toton and East Midlands Airport. Its focus also includes the Ratcliffe-on-Soar power station site, which is expected to close by 1st October 2025, in line with the Government’s coal phase-out policy.

A new East Midlands Development Corporation (dev-corp), is currently being assembled following the allocation of £2m funding for the East Midlands, announced by Chancellor Philip Hammond last autumn. The new dev-corp will be led by Midlands Engine chair, Sir John Peace, and will look to address imbalances in infrastructure.

As part of his keynote address to the East Midlands Infrastructure summit, Sir John Peace will outline his vision for the dev-corp and the role he expects it to play in transforming the region’s economy.

He said: “In the coming years we have an unprecedented opportunity to make the East Midlands one of the UK’s most desirable regions in which to live, work and invest. The opportunity that the development of land around Toton and the power station cannot be overstated. They have the potential to put the Midlands on the world stage and offer a substantial return to the UK economy. The Development Corporation will help ensure that this potential becomes a reality and helps power the whole of the Midlands economy.”