Derby Reacts to Autumn Statement

Yesterday the Chancellor of the Exchequer Philip Hammond delivered his Autumn Statement in the House of Commons, and as part of the statement  announced a third round of local growth funding to boost local economies.

The Chancellor announced that Local Enterprise Partnerships (LEPs) in the Midlands and the East of England will receive £542 million to support a range of local projects across housing, skills and transport.

Earlier this year, Bondholder Derby City Council had applied to the D2N2 LEP for £21.7m to support four city centre regeneration projects.

The four city centre regeneration projects which the council bid for D2N2 LEP funding are:

  • Phase 1 of the Performance Venue - £8.6m. The total cost of building the venue ranges from £20m to £65 and this would depend on the configuration of the building
  • The redevelopment of the Silk Mill Museum - £3.6m. The total cost of this project is £16.4m
  • More phases of Castleward Urban Residential Development - £6.6m. The total cost of this project is £79.6m
  • Construction of larger office spaces to facilitate start-up businesses which have outgrown their current facilities - £2.9m. The total cost of this project is £7.3m

These four are among the first wave of projects under the City Centre Masterplan 2030 which aims to deliver 4,000 new jobs, 1,900 new homes and leverage £3.5bn in private sector investment.

Martin Rawson, Deputy Leader for Derby City Council said: "It’s indeed good news that the government has allocated £542m for the East Midlands and east of England. But this award is not a foregone conclusion that we will receive all of the £21.7m that we requested through D2N2 Local Enterprise Partnership even though our four projects scored highly at the regional level.

“The Council now awaits a decision from D2N2, in the coming weeks, about how much money will be allocated to Derby. This will then be followed by detailed discussions on how to prioritise the funding.”

David Ralph, Chief Executive of D2N2 LEP, said: "Today’s Autumn Statement clearly shows that where the region demonstrates a unity of purpose and vision, the Government is getting behind us."