The South Yorkshire Investment Zone, with a primary focus on advanced manufacturing, is designed to leverage the region’s strengths and bolster economic growth. This zone is anchored by the University of Sheffield and Sheffield Hallam University, harnessing their expertise in the field. The investment zone is expected to attract over £1.2 billion in private funding and generate more than 8,000 jobs by 2030.
Benefits for Local Communities and Businesses
The establishment of the Investment Zone in Sheffield, Rotherham, Doncaster, and Barnsley will have a positive impact on local communities by addressing barriers to growth. Challenges related to securing finance and investment, supporting business expansion, and providing clear pathways to higher-skilled jobs will be addressed. The government has committed additional funding worth up to £80 million to support various initiatives within the Investment Zone. This includes potential support for specialized training programs tailored to industry needs and assistance for local businesses in the sector’s supply chains, driving increased business activity and productivity.
Chancellor Jeremy Hunt’s Statement:
Chancellor Jeremy Hunt expressed his enthusiasm for the South Yorkshire Investment Zone, highlighting its pivotal role in driving growth across the country. The zone has already attracted more than £80 million in private investment, including support from aerospace giant Boeing. Hunt emphasized that this initiative will help create over 8,000 jobs by 2030, furthering the government’s commitment to expanding opportunities nationwide.
Statement by Secretary of State for Levelling Up, Housing, and Communities Michael Gove
Secretary of State Michael Gove praised the South Yorkshire Investment Zone as a significant milestone for the region, contributing to leveling up and fostering economic growth. By capitalizing on South Yorkshire’s rich heritage and potential, this initiative will provide job opportunities and promote overall economic development. Gove emphasized that this approach is in line with the government’s vision of leveling up, facilitating growth, and creating opportunities for individuals to thrive in their respective communities.
Advancements in Aerospace Research:
Today’s announcement includes an investment of over £80 million for Research & Development projects, supported by Boeing, focused on the future of aerospace. By forging partnerships with esteemed industry players like Spirit AeroSystems and Loop Technology, and utilizing the University of Sheffield Advanced Manufacturing Research Centre (AMRC) Factory 2050, the project aspires to establish the UK as a leader in aviation research and manufacturing. With the worldwide demand for commercial aircraft projected to exceed 40,000 in the coming twenty years, this initiative will bolster the UK’s aviation capabilities, driving innovation and advancement within the sector.
Source: Gov[Dot]UK
