Chancellor announces £10 million investment to back ‘Team Derby’ initiative
The idea behind the collaboration is to ensure major investment comes into the city
Chancellor Rachel Reeves has today confirmed £10 million of investment into ‘Team Derby’ – a new partnership to turn investment into real change in the city.
The idea behind the collaboration is to ensure major investments from the Labour Government – such as the £9 billion into Rolls Royce submarines or £2.5 billion for small modular nuclear reactors – also lead to change that residents can see and feel on the ground, from regeneration of the city centre to more skilled jobs and apprenticeships.
The Chancellor has been a key backer of the collaboration alongside Labour’s East Midlands Mayor Claire Ward and Derby MPs Baggy Shanker and Catherine Atkinson.
And just last week, Prime Minister Keir Starmer praised the initiative, saying it would “strengthen key sectors like defence, creating jobs and growth”.
Speaking after the announcement, Rachel Reeves said: “Derby has a proud industrial heritage, but is also a city looking to the future - with cutting edge firms like Rolls Royce and Toyota to name just a few.
“It will play a huge role in this Labour Government’s push to unlock growth across Britain as we turn our backs on growth being concentrated in just a few areas and make sure the whole country benefits.
“I am proud to back Team Derby with this £10 million investment and can’t wait to see the results of the partnership.”
East Midlands Mayor Claire Ward said: “It is great to get the backing of the Labour Government for our Team Derby initiative, showing its continued commitment to devolving more power to our regions.
“Having local people on the ground who know their areas best taking the decisions that impact this city is paramount to its growth. And it will make sure everyone in Derby benefits from the investment we are bringing in. I am proud to be playing my part in it.”
Labour MP for Derby South Baggy Shanker said: “Derby is a city that makes things, powers industries and helps keep Britain moving, and I really welcome this £10 million Government investment in Team Derby.
“It shows Labour is not only recognising Derby’s contribution, but investing in our people, our place and our future too, so the growth coming into our city creates jobs, opportunities for young people and visible change on our high streets and in communities right across Derby.”