South Yorkshire: UK’s First Advanced Manufacturing Investment Zone
South Yorkshire’s Sheffield, Rotherham, Doncaster, and Barnsley communities are in for a game-changing boost with the announcement of the UK’s first Advanced Manufacturing Investment Zone. Chancellor Jeremy Hunt has lauded this groundbreaking initiative for bringing unprecedented opportunities to regions that have historically faced economic challenges.
South Yorkshire Investment Zone: Capitalizing on Strengths
Drawing upon the region’s existing strengths, the South Yorkshire Investment Zone will focus on Advanced Manufacturing and leverage the expertise of the University of Sheffield and Sheffield Hallam University. The anticipated private funding of over £1.2 billion is expected to generate over 8,000 jobs by 2030, positioning South Yorkshire as a hub for innovation and economic development.
Boon for Communities: Overcoming Obstacles to Growth
Residents of Sheffield, Rotherham, Doncaster, and Barnsley will witness significant barriers to growth being dismantled within their communities. Challenges such as limited access to finance and investment, inadequate support for business growth, and a lack of clear pathways to higher-skilled jobs will be addressed. Additionally, the Investment Zone will receive government funding of up to £80 million, facilitating specialist training programs tailored to the industry’s needs and providing support for local businesses in the sector’s supply chains, thereby enhancing business activity and productivity.
Chancellor Jeremy Hunt’s Statement
“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,” affirmed Chancellor Jeremy Hunt.
Secretary of State Michael Gove on Leveling Up
South Yorkshire’s achievement of becoming England’s first Advanced Manufacturing Investment Zone is a significant milestone for the region. Secretary of State for Levelling Up, Housing, and Communities Michael Gove highlighted the positive impact this accomplishment will have on job creation and economic growth, underscoring the government’s commitment to level up regional disparities and provide opportunities for communities to thrive.
Business and Trade Secretary Kemi Badenoch’s Praise for Boeing
Boeing’s investment in the new Investment Zone is a remarkable vote of confidence in the UK’s aerospace sector. Business and Trade Secretary Kemi Badenoch applauded Boeing and its partners for their commitment to the industry, which aligns with the UK government’s dedication to supporting aerospace projects. The government has already allocated nearly £400 million in government-backed funding for aerospace projects in 2023. Badenoch emphasized that the forthcoming plan for Advanced Manufacturing will bolster the UK’s position in future industries, generating high-quality jobs and driving economic growth nationwide.
