2. Biz Network May 2021 39-76.qxp_Chamberlink 30/04/2021 09:33 Page 44
POLITICS
Landmark sites will unlock growth and new opportunities new vision for the long-term future of the East Midlands economy has been revealed – with images showing how landmark sites could together deliver tens of thousands of new jobs and drive a futuristic recovery from the pandemic. They show how three major zones – covering areas around East Midlands Airport, the HS2 station at Toton, and Ratcliffe-on-Soar Power Station – might be transformed by major developments that would boost growth to levels which drive large-scale job creation and unlock a new era of “green” growth for the regional economy. Artist impressions have been released as the region takes a decisive step towards setting up the organisation that will help drive the vision’s progress – after Chancellor Rishi Sunak backed the region’s bid to host a trade-boosting inland freeport. The five councils covered by the three zones have come together to fund an interim body, which will begin the work of the planned East Midlands Development Corporation before Parliament formally approves what will be a pioneering new model for upping the pace of regional growth. The interim body will help masterplan and enable development, working with businesses, investors and universities to help get projects off the ground. It has now submitted a business case to Government, outlining what investment in the sites could deliver for the region – 84,000 jobs, more than £4.8bn in added value, and thousands of new homes. Midlands Engine chairman Sir John Peace – one of the region’s most senior business figures – has chaired the group that led development of the new body. He said: “What we have in front of us is one of the biggest opportunities the UK has ever seen to not just build on the potential of some major economic assets, but to transform the economy of an entire region in the process. “The sites themselves are collectively the size of three London Olympic Parks and the vision for their growth is both ambitious and futuristic, embracing our net zero future and unlocking new opportunities which range from international trade to community-level growth. “We must begin the work to unlock that potential now, and we start with the launch of the interim body.”
Artist's impression of development around the Toton hub station
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THE EAST MIDLANDS Development Corporation is one of the key projects of the Midlands Engine, the partnership of private and public sector organisations that works to promote investment and growth across the region. It was formally launched in October after securing an initial £235m in funding from Government to finalise these proposals. 44
business network May 2021
The airport site
The business case submission to Government throws a spotlight on the key role prominent regional economic assets like East Midlands Airport will play in driving economic growth. It is home to the UK’s largest dedicated air freight handling operation. By attracting private-sector investment, the three sites will have the capacity to shift the dial of productivity for the regional economy. They are: • East Midlands Airport area Supporting the region’s status as a centre for advanced manufacturing and research, this national and international logistics gateway will be at the heart of the new freeport zone • Ratcliffe-on-Soar Power Station site Transforming part of the site of the UK’s last coal-fired power stations into a national centre for carbon zero technologies and manufacturing innovations, which is also in the freeport zone • Toton and Chetwynd Creating a new, connected community that will centre on a “garden of innovation” and the proposed HS2 hub station.
“The East Midlands economy now has in front of it a series of major opportunities, which must play a decisive role in both the recovery of the region in the wake of the pandemic and in unlocking the commercial opportunities presented by our digital and carbon zero future. “Government’s decision to award a freeport to the East Midlands is a huge vote of confidence in our prospects. “The Development Corporation and the partnership behind it give us an additional opportunity to drive joined-up progress faster than ever before – and to turn the region into the UK’s investment destination of choice. “It’s vital that the whole region now gets behind these opportunities and makes the most of their potential.” East Midlands Chamber chief executive Scott Knowles
