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Derbyshire and Nottinghamshire Chamber of Commerce has welcomed today's announcement that a High-Speed Rail network will run through the East Midlands, which could bring benefits of as much as £3.8bn to the regional economy.

Transport Secretary Lord Adonis has approved the creation of a high-speed "Y-shaped" network running from London to Birmingham, where it will then split into two routes running north.

Although the exact route has not yet been finalised, it is thought that one section will head to Leeds via the East Midlands, with the other to the north via Manchester. It is also not yet known whether the route will stop in Nottingham, Derby, Leicester or surrounding areas.

Last year, the Chamber's East Midlands High Speed Rail Survey found that 97% of local businesses thought the East Midlands economy would benefit from plans to bring the network to the region, while more recently, it found that some 88% of its members were in favour of a UK-wide High-Speed Rail network.

However, just one-third of Chamber members were in favour of a new regional "parkway" station being created at a neutral location, with more than half instead favouring a service which will stop at existing city centre stations.

George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: "The Chamber has long campaigned for a comprehensive High-Speed Rail network which services the East Midlands, so today's announcement is welcomed and the initiative will receive the Chamber's full support.

"High-Speed Rail will not only transform the region but also the whole of the UK by promoting economic growth, encouraging low-carbon travel and reducing road congestion.

"In addition, businesses will benefit from better potential transport links with other countries making it easier to export goods and services and build stronger links overseas and once up and running, it should also free-up seats for journeys on other regional services.

"However, this is a long-term project and today's announcement should not detract from the need to electrify the Midland Main Line and speed-up rail connections to other cities."

Following today's announcement in London, Paul Clark MP, the Parliamentary Under-Secretary of State for Transport, will travel to the East Midlands this afternoon to formally announce the plans to regional business and civic leaders.