Derby welcomes chancellor’s £10m govt investment boost

The leader of Derby City Council says the chancellor’s announcement of extra funding to boost the region’s manufacturing industries is a vote of confidence in the city.

The announcement of an extra £10m of funding for the “Team Derby” initiative – a plan to boost growth in defence and energy manufacturing in the East Midlands – was announced in the wake of Rachel Reeves’ Mais Lecture this month.

The move is part of a government strategy to devolve more investment to the regions of the UK, which the chancellor says would allow individual areas to “carve out their own industrial niche”, boosting existing regional industries with direct funding from central government.

Councillor Nadine Peatfield, leader of Derby City Council, said the announcement of extra funding for the scheme would put the city “at the heart” of the UK’s future.

“This goes beyond industry; it’s about bringing real, visible change to our communities,” she said.

“For Derby, this means more and better jobs, strengthening our world-leading aerospace and rail sectors and securing thousands of local livelihoods. When our big industries thrive, the benefits ripple out, with more people spending in our local shops, cafes, and businesses.

“Looking forward, this £10 million investment opens the door to a brighter future for our young people. Derby will be a city of opportunity where they can stay and build a career in increasingly important industries that are concentrated here.

“This investment is a big vote of confidence in Derby. We are committed to ensuring every resident feels the benefits.”

Spearheaded by East Midlands Mayor Claire Ward, the Team Derby partnership brings together local, regional and central government, industry and academia to accelerate growth in Derby by building on the region’s key strengths, such as defence and rail.

“The Chancellor’s Mais lecture shows that this is a government that understands devolution and prosperity go hand in hand,” added Mayor of the East Midlands, Claire Ward.

“Team Derby is this principle put into practice – £10 million extra investment to ensure that the people of Derby benefit from its strong economy and boundless opportunities.”