Derby City Council was a big winner today as the government unveiled its Midlands Engine Strategy, a £392m package of investment which will boost projects across the region.
The D2N2 Local Enterprise Partnership has been awarded £63m which includes £11m of funding to regenerate Derby city centre for schemes such as the creation of a new performance venue on the site of the Assembly Rooms, new homes and commercial space.
Martin Rawson, Deputy Leader of Derby City Council said: “It’s indeed good news to learn that all four projects for which we submitted bids have been recognised. I now await details from D2N2 on what this means for each project."
The strategy recognises the need to improve connectivity in the Midlands, and so the government will invest £2.4m to enable D2N2 Local Enterprise Partnership (LEP) to purchase strategic sites to improve transport connections.
The strategy is a demonstration of the government's commitments to making the Midlands a 'powerful engine' for economic growth. The region already punches above its weight, with an economy worth £217.7bn - 13% of the UK's annual output.
The strategy sets out concrete actions to enable businesses to create more jobs, export more good and services, and grow their productivity.
The government has also outlined plans to provide £4m to support the operations of the Midlands Engine Partnership. This will allow the Midlands Engine Partnership to further its work bringing together the regions LEPs, local authorities, academic institutions, and private-sector businesses, to promote the Midlands for investment.
Sir John Peace, Chair of the Midlands Engine, said: ““The Government sets out in the Midlands Engine Strategy what more it believes we are capable of achieving when we organise as a region and how they will support us. We will consult widely amongst our partners, particularly among young people who will live in the future we work to create.
“We will publish an ambitious vision of the Midlands of the future. A vision of a Midlands that thinks big, acts big, and aims higher, through a realistic plan to make it happen.”