Derbyshire County Council is set to pledge £200,000 to explore new business opportunities through the long-running Brexit negotiations and help the local economy prosper.

On Thursday, January 11 county council cabinet members will debate pledging £200,000 a year to create economic growth through new business enterprises.

Council officers have drawn up the Enterprise and Investment budget as a response to fast-paced changes in the "economic environment" following the EU referendum and the Brexit process.

A new fund is to be created by Derbyshire County Council to prop up the county's economy through Brexit
A new fund is to be created by Derbyshire County Council to prop up the county's economy through Brexit

They wrote in a report to councillors: "The current international, national and regional economic environment is fast-paced and changing in response to a number of issues and challenges in the wake of the EU referendum and the UK’s ongoing 'Brexit' process.

"It is essential the council is well-positioned to support growth in the regional economy and in the UK particularly at this time of increased global competition for investment.

"Proactive work is essential if Derbyshire and the East Midlands are to create and take advantage of investment opportunities, attracting additional growth and wealth into the local economy which ultimately will result in more and better jobs, enhanced business rates and greater prosperity."

This new £200,000 fund will be called the Enterprise and Investment budget
This new £200,000 fund will be called the Enterprise and Investment budget

The new £200,000 fund will be called the Enterprise and Investment budget, and has five key aims.

These are:

  1. Proactive new investment across Derby and Derbyshire
  2. Further investment in existing companies which have the potential to grow
  3. Develop a new export market to maintain existing EU trade to ease the impact of Brexit
  4. Promote Derbyshire as a place to invest, work, live and visit - the county's visitor economy is its key strength
  5. Investigate new links for further inward investment in key international trading areas such as Europe, Asia and North America
Brexit negotiations are set to be long-running

The new fund would be introduced from Sunday, April 1 and will add a further push to existing plans to boost tourism in Derbyshire.

It will also run alongside the Digital Derbyshire programme to develop major infrastructure programmes such as green energy and alternative fuels.

County council officers say this "will be essential if Derbyshire is to succeed in providing a 21st century, competitive platform for economic growth."