Chancellor’s investment zone confirmation welcomed

Confirmation by the Chancellor of the Exchequer of an East Midlands Investment Zone – which includes a site in Derby – has been welcomed.

In her recent maiden Budget speech, Rachel Reeves confirmed the approval of the £160 million investment zone, which will support advanced manufacturing and green industries.

The funding for the sites at – Infinity Park Derby, Hartington-Staveley site, in Chesterfield and The Explore Park at Worksop – will be spread over 10 years.

The East Midlands Investment Zone will offer a range of incentives to firms based within its boundaries, including business rates retention and tax incentives, to help boost economic growth and create thousands of high-quality jobs.

It will be managed by the East Midlands Combined County Authority (EMCCA) and could leverage at least £383 million in private investment.

Infinity Park Derby, which was awarded Enterprise Zone status in 2016, is a collaboration between Derby City Council, the Harpur Crewe Estate, Rolls-Royce and Infinity Park Derby LLP, which includes Wilson Bowden Developments and Peveril Securities.

Situated to the south of the city, it is located next to the world headquarters of Rolls-Royce Civil Aerospace, with other global manufacturers, such as Toyota Manufacturing UK and Alstom close by.

Claire Ward, Mayor for the East Midlands, said: “This is great news, and I’m delighted the Government has recognised the potential for our region to lead the country in green industry growth.

“The East Midlands Investment Zone will help us turbocharge our economy, attracting major investment and creating opportunities for businesses and residents and thousands of high- quality new jobs and apprenticeships for local people.

“As a combined authority we can work at a regional level to deliver opportunities like this across the East Midlands and make this the best region in the country to live, work and learn.”