West Lindsey’s economy could grow by over a £100 million for the next 40 years, according to a new report.
The district is set to benefit significantly from the UK’s first prototype fusion energy power plant, with new research predicting long-term economic growth, job creation, and investment for the district.
The ambitious project – Spherical Tokamak for Energy Production, known as STEP – is being led by UK Industrial Fusion Solutions Ltd (UKIFS) part of the UK Atomic Energy Authority group (UKAEA).
Due to be built by 2040, it aims to revolutionise the way energy is generated thanks to cutting-edge fusion technology. Alongside the fusion facility, a skills centre and business park are also planned, positioning the region as a leader in clean energy innovation.
A newly commissioned economic impact assessment reveals that STEP will bring substantial benefits to West Lindsey which includes:
• An annual average of 605 construction jobs and construction will contribute £48 million to the local economy each year.
• An annual average of 724 high-skilled jobs and operations will boost the district’s economy by £55 million each year.
The report covers a timeframe of more than 45 years, from when planning began in 2019, through to 2065, however the majority of these benefits are expected to be from 2030 onwards.
The economic impact assessment was commissioned by Nottinghamshire County Council, in collaboration with West Lindsey District Council, Bassetlaw District Council, and Lincolnshire County Council. It has also been funded in part by the UKAEA.
Sally Grindrod-Smith, West Lindsey District Council’s Director of Planning, Regeneration and Communities said that this project represents a transformative opportunity for Gainsborough and the region.
She said: “We are delighted that this economic impact assessment confirms that West Lindsey will benefit from substantial local economic growth, the creation of thousands of skilled jobs and significant investment in infrastructure and the local supply chain for generations to come.
“STEP is a world-class initiative and will not only position our area at the forefront of clean energy innovation but also ensure long-term prosperity and sustainability for our community.”
The regional and long-term economic benefits across the East Midlands STEP is expected to create include:
• 2,976 jobs per year during construction, generating an annual economic boost of £236 million.
• 6,440 operational jobs, adding £489 million per year to the regional economy.
Paul Methven, CEO of UK Industrial Fusion Solutions Ltd (UKIFS), which leads the project, welcomed the findings.
He said: “This is the first examination of the positive economic impacts of the STEP programme across the region and beyond. It gives a fascinating insight into the potential for STEP to deliver direct economic and social benefits and stimulate much wider opportunities across many sectors.”
The in-depth report, produced by economic and finance specialists, Amion Consulting, models economic benefits spanning over 45 years, from the project’s inception in 2019 through to at least 2065.
It highlights not only direct job creation but also increased opportunities for local businesses and supply chains, as well as higher disposable incomes due to well-paid jobs in the region.
Image credit: Stock.adobe.com/Boykowit
