An Enterprise Zone and two High Value Manufacturing Technology and Innovation Centres were among the highlights for the East Midlands in today’s budget.
Chancellor George Osborne confirmed that one of the first 10 Enterprise Zones – which benefit from, among other things, reduced business rates and eased planning restrictions - will be located in the East Midlands, led by the Derby, Derbyshire, Nottingham and Nottinghamshire Local Enterprise Partnership.
He also confirmed the creation of 9 new university-based Centres for Innovative Manufacturing by 2012 to help generate the new ideas that will fuel the growth of the manufacturing sector.
Two of the centres will be based in the East Midlands, at Loughborough University and the University of Nottingham.
The East Coast Main Line stands to benefit from £4.5bn of investment through the Intercity Express Programme.
And the Mansfield Public Transport Interchange has been awarded £7.2m for a new bus station and associated transport improvements in Mansfield.
Chief Secretary to the Treasury, Danny Alexander, said: “Today’s Budget sets out measures that will support strong and sustainable private sector growth, reform the economy and tax system and help people in the East Midlands to make ends meet in these difficult times. It takes affordable action to reduce fuel prices while raising the threshold at which people start paying tax, taking a further 260,000 people out of income tax altogether and reducing the tax paid by 25 million people by an average of £48.”