New East Midlands jobs pledge after funding decision

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Spin back in time to 1771 and to Derbyshire's Derwent Valley. A stroke of genius in the shape of Richard Arkwright helped usher in the first industrial revolution.

He came up with the idea of harnessing the power of water to run his factory machines.

So Arkwright's Mill at Cromford, near Matlock Bath, was a good location to meet David Ralph, the recently appointed chief executive of the D2N2 Local Enterprise Partnership.

That partnership, known as the LEP for Derbyshire, Derby, Nottinghamshire and Nottingham City, was set up to regenerate the local economy. That's the hope of the coalition government and local businesses.

"The single biggest message we hear from business is the lack of skills among the workforce," Mr Ralph told me.

He's about to unveil his LEP's big ideas to create 45,000 new jobs over the next 10 years.

"One of the problems is that school and college leavers aren't work ready. That's one of the priorities we'll be focusing on," he added.

Plugging a skills shortage has been a long-running issue in the East Midlands economy.

Just ask Nigel Crooks, the director of Alfreton-based crane business Plant Equipment Ltd.

"We're having to bring in recruits who are very raw and train them up with the skills we need," he said.

"But that takes us a long time and as a small company, we haven't always got the time or money. That's one area where the new enterprise partnership could help us."

West Nottinghamshire College in Mansfield offers the type of skills training the LEP wants to encourage. It's all part of D2N2's ambition to create new jobs and to help college students find work.

"We don't think apprenticeships should be regarded as a poor second choice," added Mr Ralph.

"We want vocational qualifications enhanced. It's so important for a manufacturing area famous for building things."

But will the LEPs have sufficient cash to get the job done?

In his spending review last month, the Chancellor of the Exchequer George Osborne offered England's 39 LEPs a share in a new £2bn-a-year fund. There's also new EU cash of more than £500m for the five LEPs in the East Midlands.

"The region's not fared as well as it should have done with funding.

"We'll continue to argue our case with MPs and local politicians and businesses, so this region can have a step change in economic growth," said Mr Ralph.

Richard Arkwright's ideas were a huge step-change. The region's enterprise partnerships hope his vision can inspire the next generation of business leaders.