East Midlands eligible to host ‘potential Canary Wharf’
The East and West Midlands are among twelve parts of the UK that could be given more control over their economic destinies via “bold imaginative partnerships” between industry and local authorities, the Chancellor has said.
Heralding what he described as “twelve potential Canary Wharfs”, Jeremy Hunt confirmed plans to create a raft of Investment Zones which will complement and build on the government’s existing Freeport programme.
Each zone will have access to £80m of support to fund tax relief, skills, business support, infrastructure and planning improvements.
Councillor Barry Lewis, Leader of Derbyshire County Council and Cabinet Member for Strategic Leadership, Culture, Tourism and Climate Change, said: “We welcome the opportunity to participate in the co-design of an Investment Zone for Derbyshire and the East Midlands Combined Authority area.
“We’re proud to be a driving force for regeneration and levelling up in Derbyshire and an Investment Zone has the potential to boost economic growth and prosperity throughout our county and the East Midlands.
“We look forward to working with Government, our neighbouring combined authority colleagues, and partners including local district and borough councils, to help turn Investment Zone proposals into a reality for our region.”
Councillor Ben Bradley, MP and Leader of Nottinghamshire County Council, said: “I’m really pleased that our East Midlands Combined Authority plans are opening doors for us, and bringing opportunities like Investment Zones that we wouldn’t otherwise have. Only areas like ours that are involved in devolution plans are eligible for these kinds of projects, so it’s great that our region is at the front of the queue.
“Across the County, and the region we have massive opportunities for growth, like our Freeport, our Development Company, STEP Fusion, and Integrated Rail Plans. Investment Zone incentives can only add to that opportunity. We’ve got so much going on!”
“I hope we can harness all of this to ensure that we deliver amazing outcomes for our residents in Derbyshire and Nottinghamshire”, added Bradley.
“I look forward to working with Government and local partners on the plans.”
Councillor Chris Poulter, Leader of Derby City Council, said: “It’s good to see Local Government being consulted and working to co-create schemes. Proposals for Investment Zones are very welcomed here in Derby – especially relevant given our area’s trailblazing status for advanced manufacturing and creativity, mentioned as one of the key areas – and we look forward to working with Government on developing this.
“The D2N2 area being chosen as one of only eight areas really reinforces our reasons for pursuing a Combined Authority; we want to make the most of every opportunity presented to us, so we can make a real difference to people’s lives. The Combined Authority continues to be a catalyst for the area.”
Councillor David Mellen, Leader of Nottingham City Council, added: “I welcome further opportunities to bring much-needed funding to the East Midlands. Our region has often been an area of low Government funding, compared to many other areas of the UK, and so it is important that we continue to work with our neighbouring authorities to explore all opportunities to unlock the economic potential of our combined areas.”
Hunt has also pledged over £200m for regeneration schemes across the UK and £400m for Levelling Up Partnerships, singling out Tipton in the Black Country and Mansfield and Bassetlaw in Nottinghamshire as potential beneficiaries.
The third round of the Levelling Up Fund, worth £1bn, was confirmed on Wednesday, as was a widely anticipated multi-year settlement for Mayoral areas which Hunt described as a “Trailblazer Devolution Deal”. The deal will eventually allow these areas to retain 100% of their business rates.
£161m will be provided for regeneration projects in Mayoral Combined Authorities – a grouping which could soon include the East Midlands if its £1.1bn devolution plans proceed.
