£10m boost for Derby moves forward

Derby City Council House (Credit: LDRS)

A Government-backed £10 million investment to boost jobs, high streets and regeneration in Derby is set to move forward in the coming days.

Labour leaders of Derby City Council are set to accept the huge eight-figure sum at a meeting on Wednesday (July 1).

Derby leader Councillor Nadine Peatfield has hailed the £10m investment as “fantastic” news for the city.

How that money is going to be spent is not yet clear – but a board of leaders across Derby has been set up to decide on what it will be spent on.

The £10m is part of a new “Team Derby” initiative – a partnership supported by the Government and led by East Midlands Mayor Claire Ward and Derby MPs Baggy Shanker and Catherine Atkinson.

The money to “accelerate growth in the city” is said to come as Derby continues to attract significant national investment, including its selection as the home of Great British Railways and major defence contracts awarded to Rolls-Royce.

Team Derby aims to build on the city’s strengths in rail, aerospace, nuclear, advanced manufacturing and clean energy into “good jobs, better skills opportunities, stronger high streets and visible improvements across the city”. 

Chancellor Rachel Reeves attended Team Derby’s launch meeting in April – an indicator  of the national ambition to continue the city’s reputation as a leader for innovation, industry and inclusive growth.

This followed the announcement of the scheme in the Chancellor’s winter Budget speech towards the end of last year.

Speaking in April, the Chancellor said: “Team Derby will drive growth, jobs and regeneration in this great city. That’s why we have backed it with £10m of investment, and I am delighted to show my continued support.

“Regional growth is central to Labour’s economic plan and we have real strengths here, from transport to defence and clean energy.”

Council papers ahead of next week’s Derby City Council cabinet meeting say the decision making board is made up of senior representatives from key organisations in the city, including the University of Derby, Rolls-Royce, Alstom and Toyota, alongside Marketing Derby, Community Action Derby, City Centre business representation, Homes England and Government departments.

Councillor Nadine Peatfield, leader of Derby City Council, said: “It’s fantastic news for Derby! It will enable us to build on our achievements and truly seize opportunities in our city centre, from bringing life back to vacant properties to driving our regeneration vision forward.

“It will also help develop skills for our future workforces, ensuring our communities truly reflect the massive investment that our major industries have attracted.”