Chancellor Jeremy Hunt announced earlier today in his Autumn Statement Government support for an East Midlands Investment Zone.
The East Midlands Investment Zone will focus on advanced manufacturing and green industries across Nottinghamshire, Derby and Derbyshire. It is one of four new Investment Zones announced by the Chancellor today.
The Chancellor also doubled the length of the scheme from five to ten years. Over that period, the East Midlands Investment Zone is expected to help to leverage £383 million of private investment and help to create 4,200 jobs in our region.
Rolls-Royce and Laing O’Rourke have pledged to provide anchor investment into the East Midlands Investment Zone, worth £9.3m.
In addition to the announcement on the East Midlands Investment Zone, the Chancellor stated that the financial incentives for Freeports will be extended from five to ten years, benefiting East Midlands Freeport, established earlier this year. He also stated that Growth Hub funding will be continued in 2024-25, supporting the D2N2 Growth Hub to deliver local business advice and support over the next two years.
Our Chief Executive, Will Morlidge, said:
“We welcome the Chancellor’s announcement today on the new East Midlands Investment Zone. The Investment Zone will provide a welcome boost for advanced manufacturing and green industries across the D2N2 region. We will continue to work closely with Rolls-Royce and other anchor businesses in our region to bolster low carbon economic growth, jobs and productivity.”
For media enquiries, contact:
Head of External Affairs, D2N2 LEP