Derby’s economy set to grow – but levelling-up could still stall, report suggests

Bryan Bletso

Derby’s economy will be the fastest growing in the East Midlands by the end of 2023, a new report suggests – but the levelling-up agenda will stall unless more Foreign Direct Investment (FDI) is attracted to the region.

Irwin Mitchell’s UK Powerhouse report, produced by the Centre for Economics and Business Research (Cebr), predicts Derby’s economy will deliver year-on-year growth of 2 percent by the end of 2023 with GVA standing at £7.1bn.

The economies of Nottingham and Leicester are expected to generate 1.7 percent year-on-year growth by Q4 2023.

However, the report points to a general fall in the number of FDI projects across the UK – with the East Midlands falling in 8th place.

The challenge, the report says, will be for the East Midlands to spearhead a drive for a greater share of FDI and to make inroads into the dominance of the South.

Bryan Bletso, partner and head of international at Irwin Mitchell, said: “This latest UK Powerhouse report makes clear that cities such as Derby, Nottingham and Leicester have huge potential, however the East Midlands’ position for FDI is cause for real concern. With a combination of business, local and central government backing, there’s no reason why it can’t attract its fair share of investment.

“The time to invest in their success now and by doing so, the corresponding economic growth and job creation will go a long way towards safeguarding future prosperity and making levelling up a reality.”

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