According to an independent report closer economic and political links between Nottingham and Derby could provide an £11bn boost by 2030 – whilst creating up to 250,000 new jobs. The report highlights the huge opportunities which HS2 could bring with the arrival of the Toton Hub, and the region needs to collaborate and innovate to use it as a catalyst for growth.

The Economic Case for Nottingham-Derby Metro is a report commissioned by the two cities, and the author Ben Lucas said of the report: ”If all of the key organisations, city and county councils, districts, LEPs, businesses, education institutions and local communities can work together in a real spirit of collaboration, then there is a big economic prize to be grasped. We were commissioned to highlight the scale of the economic opportunity – £11bn more in GVA by 2030 and a more inclusive local economy. Now it’s up to local political, business and civic leaders to decide how they want to respond to this”.

It’s clear that there is a huge opportunity for the region, and we’ll be hearing more at the Nottingham Development Plans Conference.

The report suggests the strong need for a metropolitan council which would cover the two areas, and which a population of around £1.4m it would be the fifth largest metropolitan area in the UK behind only London, West Midlands, Manchester and Glasgow.

The potential for the region ‘is enormous’ and it could be an innovation campus that links Derby’s advanced manufacturing and engineering strengths with Nottingham’s booming digital sector, building on the Midlands Engine accelerator plans.

Ben Lucas added: ”It could provide much-needed housing and be the catalyst for enabling the former Stanton Ironworks site to be developed to its full potential. Making the most of this will require determined action, leadership and collaboration between councils, businesses and genuine public participation.”

Infrastructure and transport would be key to unlocking the full potential, and therefore the HS2 Toton interchange would be pivotal. The two cities already have many residents commuting between the two, with around 40,000 people travelling daily between the cities and well over 400,000 using metro options each day. The East Midlands Airport also represents a brilliant inward link to other cities and global countries – with that site set to be a huge development area in the next few years with the planned closure of the Ratcliffe-on-Soar power station next to the airport.

 

Mr Lucas adds: “With wider East Midlands collaboration, the metro will help the Midlands Engine be more successful, ensuring it is better balanced between the West and East Midlands while driving forward critical projects such as the East Midlands Manufacturing Zone and the relocation of the military’s Defence and National Rehabilitation Centre in South Notts. The big fear is that the opportunities at Toton won’t happen unless they are grasped and there isn’t that long to do it – to develop the pitch, secure the investors, persuade companies to relocate, think about housing and create the partnership between the councils, set up the development corporation. That is a lot of work.”

 

He emphasises that the area needs to signal that raising education and skill levels is a top priority. “That means pulling together schools, universities and businesses into an Inclusive Growth Board that also involves Government departments responsible for education, work and welfare.”

To hear more about the huge development plans and opportunities in the region, and to be at the forefront of the economic discussion in the industry, join us at the Nottingham Development Plans Conference. We’re also set to announce the HS2 Economic Growth Conference very soon!