South Yorkshire becomes UK's first Investment Zone

South Yorkshire has been announced as the UK's first Investment Zone.

Communities in Sheffield, Rotherham, Doncaster and Barnsley can expect thousands of new jobs and £1.2 billion of investment as part of the UK’s first Advanced Manufacturing Investment Zone.

12 Investment Zones will be be established across the UK based around a university and clusters of high growth industries like Advanced Manufacturing, life sciences or green industries.

The South Yorkshire Investment Zone is focused on Advanced Manufacturing and includes the University of Sheffield and Sheffield Hallam University. It is hoped that the Investment Zone will help leverage more than £1.2bn of private funding and help support more than 8,000 jobs by 2030.

Chancellor of the Exchequer Jeremy Hunt said: “Our first Investment Zone is a shining example of how we will drive growth across the country.

“It’s already secured more than £80 million of private investment, including backing from Boeing, and will help support more than 8,000 jobs by 2030.”

Secretary of State for Levelling Up, Housing and Communities Michael Gove said: “Today’s announcement is a significant moment for South Yorkshire as it becomes the home of England’s first advanced manufacturing Investment Zone. This will help level up the region, creating jobs and boosting economic growth.

“We want to build on South Yorkshire’s proud heritage so that it can make an even greater contribution to the UK economy. This is what levelling up is all about, promoting growth and providing opportunities so people can thrive in the communities they are from.”

Image by Stanislav Hedvik from Pixabay