East Midlands moves closer to accessing more devolution funding
The East Midlands has moved closer to becoming a combined authority and unlocking billions of pounds of additional funding after key legislation was approved in Westminster.
The Levelling Up and Regeneration Bill has been granted Royal Assent, paving the way for the creation of the EMCCA and the region’s first Mayoral elections next May.
Derbyshire County Council, Nottinghamshire County Council, Derby City Council and Nottingham City Council will now decide whether to move forward with devolution plans, with decisions expected before the end of the year.
The East Midlands devolution deal, agreed with Government ministers last summer, would see Derbyshire, Nottinghamshire, Derby and Nottingham benefit from £1.14 billion of funding over 30 years to invest in local projects related to transport, education and skills, housing, the environment and economic development.
Barry Lewis, Leader of Derbyshire County Council, said: “This is a key milestone on the road to agreeing plans to bring in £38 million a year for the East Midlands and move major decision-making to the people who best know our communities, rather than Westminster.
“It’s about improving the lives of people across our region by bringing more and better jobs, opportunities for training, better transport and housing, improving the local economy and accelerating our route to Net Zero. But that’s just the start. If this deal is agreed, we’re determined to build on it over time as other areas have done, bringing further benefits for our residents in the future.”
The powers and funding will be held by the proposed East Midlands Combined County Authority, for which there will be an elected mayor from May 2024, and is presently being steered by the elected leaders from the two city and two county councils which signed the deal.
Representatives from District and Borough Councils, alongside wider partners from business and other sectors, will further support the organisation’s development and governance.
Devolution plans for the East Midlands are similar to those already in place across other mayoral regions like Greater Manchester and the West Midlands.
If the plans go ahead, the EMCCA – spanning two counties and cities – would be the first combined county authority in the country, with a new elected regional mayor at the helm, representing around 2.2 million people.
More funding is expected to become available once the EMCCA is formed – so far, £18 million has been awarded to the area as early investment during devolution negotiations, which is being spent on improving local housing, transport and skills provision.
Earlier this month, the Government announced around £1.5 billion in transport funding for the East Midlands Mayor, who would be in place from May 2024.
Thanks to devolution proposals, the East Midlands has been invited to establish an ‘Investment Zone’, which will attract £80 million of support over five years, with tax incentives for businesses to help boost economic growth right across the region.
Further investment to boost local projects across the region would also be provided through annual Whitehall budgets and spending reviews.
Find out more about the range of investment opportunities in Chesterfield.
East Midlands Devolution Panel at property and investment show, UKREiiF in May 2023
