The Government has unveiled details of how the zones will use the funding envelope available.
The Government has revealed further details of six Investment Zones – including a zone in South Yorkshire.
These are designed to give each area a £160m envelope to catalyse local growth and investment.
Unveiled today – 6 March – were details of how the zones will use the funding envelope available. This includes offering tax reliefs to attract businesses to these zones, and initial investments in a range of interventions including on skills, research and innovation, and infrastructure.
South Yorkshire’s zone will drive investment and support scale up of businesses in the advanced manufacturing sector, building on the region’s established strengths and significant existing business base.
Close to £50m of funding will deliver a flexible Capital, Infrastructure and Feasibility Fund to overcome viability gaps and accelerate development of strategically important sites between Sheffield and Rotherham and unlock investment opportunities on sites across Doncaster and Barnsley.
This will include £10m earmarked for two Co-Investment Funds to provide funding to early stage and scaling businesses.
The Government’s outline of its plans for the zone adds: “Additional funding for infrastructure and research and innovation activities will unlock laboratory and spin-out space in Sheffield city centre.
“It will be complemented by wider business support activities to support adoption of innovation and expand the benefits of the Advanced Manufacturing Innovation District, and investment at Gateway East to accelerate development of the site and enable large manufacturing opportunities focused on decarbonising industries.
“Together, local partners expect these proposals to create more than 8,000 jobs and leverage over £1.2bn worth of investment over the next 10 years.”
Suzy Harris-Milnes, tax partner at BHP said: “The Chancellor continued the Government’s commitment to levelling-up with the announcement of new investment zones. Locally the details around the South Yorkshire Investment Zone and its focus on advanced manufacturing will be welcome news and show national recognition of the world leading capabilities we have in the region.”
At the heart of the UK, South Yorkshire's Investment Zone is the best place to start, scale or relocate your business.
Building on the heritage and strength of manufacturing in this area, the South Yorkshire Investment Zone will be focused on Advanced Manufacturing and includes the University of Sheffield and Sheffield Hallam University. It is expected to help leverage more than £1.2bn of private funding, create new skill and investment opportunities and help support more than 8,000 jobs by 2030.
People from Doncaster, Sheffield, Rotherham and Barnsley will see barriers to growth in their area, including challenges attracting finance and investment, supporting business growth and clear pathways to higher skilled jobs reduced.
To learn more about the South Yorkshire Investment Zone please click the button below:
Doncaster has an enviable reputation as one of the UK’s most important centres of manufacturing excellence.
This reputation has been hard earned and we are proud that over 3,000 manufacturing and engineering companies, employing more than 14,000 people play a vital role in the local economy.
To learn more about advanced manufacturing and engineering in Doncaster please click the button below:
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