Region’s economy is ‘fastest growing’

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Business has grown faster in the East Midlands than any other English region outside London this year, according to a Royal Bank of Scotland (RBS) report.

Unemployment fell faster than any other region last year, the report found.Its economy grew by 0.9 per cent in the last quarter and it is one of four English regions whose economies have returned to pre-recession levels.

The RBS regional growth tracker for the past quarter said distribution and retail industries, which make up a fifth of the the region’s economy, had contributed “substantially” to its success.

The economy is almost 4per cent bigger than a year ago and growing twice as fast as it was last year. A total of 104,000 jobs were created last year, it said.

Last week, figures released by the Office for National statistics showed people claiming Jobseekers Allowance in Mid-Derbyshire fell from 1,437 in February 2010 to 481 last month.