Major economic boost for Derby as investment zone confirmed

The Mayor for the East Midlands has welcomed confirmation of an East Midlands Investment Zone – which includes a site in Derby.

In her 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.

Recently, East Midlands Mayor Claire Ward met with the Under-Secretary for Housing, Communities and Local Government, Alex Norris MP, at University of Derby’s Nuclear Skills Academy, which is on Infinity Park Derby, and also toured Rolls-Royce’s nearby Civil Aerospace site.

She said: “It was great to visit Infinity Park. Derby is an advanced manufacturing powerhouse, home to world-leading industry and having one of the East Midlands Investment Zone sites located here is great news for the city and its surrounding areas.”

Mr Norris said: “Growth is a key mission for the Government and that’s why we are giving investment zones the backing they need, including right here in the East Midlands.

“At Infinity Park Derby, I have seen the fantastic work being done to boost skills and innovation in green industries, creating amazing opportunities for local people and helping drive our economy forward.”

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 and help to create 4,300 jobs in the region.

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.

Mayor Claire said: “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.

“Having three sites in the East Midlands is a massive opportunity to work together regionally to deliver more opportunities for people and businesses here, which will help make the East Midlands the best region in the country to live, work and learn.”