East Midlands Chamber has joined political leaders across the Midlands in backing calls to reinstate direct trains between Nottingham, Leicester and Coventry, that campaigners say could be worth millions to the region and create thousands of jobs. Bringing back the service, stopped in the early 2000’s to allow work on the West Coast Line, would be worth £400m to the region and generate 3,000 jobs, say Midlands Connect who hosted a conference to present their proposal at Coventry Transport Museum on 28^th February. Political representatives from the Midlands were joined by East Midlands Chamber Director of Policy and Insight Richard Blackmore, as the business case to reintroduce the service was made, followed by discussions examining how the project can best support businesses in the region. Midlands Connect first submitted a Strategic Outline Business Case to the Department for Transport in 2021. East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Reinstatement of this critical service is a key ask of the Chamber’s Manifesto for Growth and would be of huge benefit to the East Midlands economy. Three important cities sit right next to each other – but not just geographically – they’re already connected by tracks, stations and most importantly a business need. “It’s hard to believe you can no longer jump on a train in Nottingham or Leicester and get to Coventry on one train, when it was once possible, and Coventry and Birmingham have direct trains. 30% of people choose the train for that route, but only 3% bother from Nottingham or Leicester. “Removing that service was a backward move and it’s time that was righted. Connectivity is a key lever in the decision making of businesses to invest in a region as this facilitates the ability to attract talent, connect supply chains and drive economic growth.” Midlands Connect CEO Maria Machancoses said: “It was so great to hear support for our project from leaders across the Midlands. This scheme is so important, as we move to decarbonise transport, we must make rail the most attractive option possible. Creating direct routes between major centres is the best way to do this.” Also in attendance at the conference were Leicester City Mayor Peter Soulsby, Coventry East MP Mary Creagh, North Warwickshire and Bedford MP Rachel Taylor, Nuneaton MP Jodie Gosling MP and Corin Crane of Coventry and Warwickshire Chambers. Leicester City Mayor Peter Soulsby said: “Coventry and Leicester are the two biggest cities without a direct rail link. This crucial scheme will reconnect them, directly helping travellers and supporting the local economies of Coventry, Leicester and Nottingham. “With rail lines through Leicester at capacity, hindering the development of both passenger and freight trains, this scheme is urgently needed. By increasing rail freight capacity, the scheme will remove HGVs from the highway network, reducing carbon and improving air quality – which is great news for Leicester.”

Metro Bank has returned to profitability after aggressive cost-cutting measures, including a 30% workforce reduction and the sale of mortgage assets.

The UK lender, which secured a £925 million bailout in 2023, reported an underlying pre-tax profit of £12.8 million for the second half of the year, recovering from a £26.8 million loss in the same period the year before. However, its statutory pre-tax loss for 2024 stood at £212 million.

The bank exceeded its initial cost-cutting target, eliminating over 1,400 jobs and achieving £80 million in annualised savings. It also offloaded £2.5 billion in residential mortgages to NatWest and recently agreed to sell £584 million in personal loans to an undisclosed buyer.

Despite restructuring gains, Metro Bank faces ongoing challenges. Loan arrears rose to 5.6%, up from 2.8% the previous year, due to economic pressures such as declining property values and higher borrowing costs. The bank is now focusing on higher-margin lending in corporate, commercial, and SME sectors and specialist mortgages.