Closer joint working across the Derby and Nottingham metro area could provide an £11 billion boost to the local economy by 2030, according to a new report released by Bondholder Derby City Council.
The report by leading national consultancy Metro-Dynamics says there is a powerful case for formal collaboration between local authorities and businesses across an area greater than just the two cities in order to improve economic prosperity for the benefit of local people.
Derby City Council has welcomed the report, with Leader Ranjit Banwait stating: “We launched our Metro Strategy earlier this year which gave the two cities a framework to pursue joint working. An example of this is our shared Gym and Swim offer for residents using our Council leisure facilities.
“This report however really challenges us to take a more ambitious step and work purposefully across a larger metro area with a greater range of partners. Metro Dynamics present a well-argued case with strong evidence that we really could achieve more. While clearly not without challenges, I think it is an exciting development and hope Derby and Nottingham residents will share that view.”
Ben Lucas, Managing Director of Metro Dynamics, says in the report: “The more you look at Derby and Nottingham, the more apparent their underlying economic interdependence becomes. 40,000 people commute regularly between them and over 400,000 people commute to work in the wider metro area. Three quarters of the people who live in the area, also work in the area.
“Our report makes a strong case for more collaboration to drive inclusive growth. Whilst the two cities will be critical to this, many future economic opportunities lie in the broader metro area.”
David Williams, Chair of the Metro Strategic Advisory Group and Chairman of Bondholder Geldards, said: “What really stood out for me in this report is the economic parity of Derby and Nottingham. The two cities have businesses and services which complement one another, with a high level of local residents who work in local companies. It is clear we have much more to gain in common than in competition.
“Metro Dynamics tell us maximum economic benefit will come through formal collaboration between organisations covering an area beyond the two cities. They suggest a potential additional economic growth in GVA of £11bn is achievable long term."