Friday, July 14, 2023

News: South Yorkshire confirmed as UK's first Investment Zone


A ministerial visit to South Yorkshire from Chancellor Jeremy Hunt has confirmed the first Investment Zone in the UK.

Rothbiz revealed last week that the new Investment Zone will use the region’s success in advanced manufacturing and will help make South Yorkshire the best place to start, scale or relocate businesses from around the world, boosting the UK economy.

Primarily focused on connecting Sheffield to Rotherham (where the research assets such as The University of Sheffield Advanced Manufacturing Research Centre (AMRC) are already located), it is expected to create 8,000 new jobs and bring in £1.2bn worth of private investment by 2030.

An £80m fund (over five years for the Investment Zone) will be used to offer investors, developers and start-ups a combination of targeted support and financial interventions to start, scale up and relocate their businesses.

Existing innovation assets, including the Advanced Manufactuting Park (AMP) in Rotherham, the Olympic Legacy Park and the University of Sheffield Innovation District and the rest of the Sheffield Business Park in Sheffield, will be joined by expansion sites as the core expands into Sheffield city centre and Rotherham town centre.

Rotherham expansion sites include remaining land at Waverley and around Magna at Templeborough - both around 25.5 hectares / 63 acres.

Rotherham Metropolitan Borough Council Leader, Cllr. Chris Read, said: “We always welcome any investment into our region, and as a Council we have already secured millions in funding into our borough for our communities. Today’s announcement builds on the successes of the Advanced Manufacturing Park and other big-name companies who have also chosen to invest here.

"Our new manufacturing economy is helping to bring more high paid jobs to Rotherham and the Investment Zone agreed for South Yorkshire today demonstrates the national significance of this. We look forward to seeing how it will help us in achieving our aim of meeting the needs of our communities and building on the good work we are already doing in this area.”

The first investment announced is a more than £80m Boeing-led research project into manufacturing lightweight structures for aeroplanes – a key part of making aviation more sustainable.

Compass (Composites at Speed and Scale) will be built as an extension to the University of Sheffield Advanced Manufacturing Research Centre’s Factory 2050 on the site of the former Sheffield Airport. It will be built with support from the South Yorkshire Mayoral Combined Authority, Sheffield City Council and the High Value Manufacturing Catapult.

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.”

South Yorkshire’s Mayor Oliver Coppard said: “Our Investment Zone will help put South Yorkshire back where we belong; at the forefront of this country’s manufacturing-led growth.

“Technology created in South Yorkshire built the modern world. Because in South Yorkshire we have always known how to deliver practical solutions to big challenges. Yesterday it was stainless steel and our coal industry, today it is AI, Robotics and creating lighter, stronger materials for Jet Zero.

“That’s why this new Investment Zone status is so important. Because with the support of partners like Boeing, and working with the government, we’re showing we have the tools, the technology and the confidence to build on our strengths as not just the world’s first, but the world’s best Advanced Manufacturing District.”

The most recent Enterprise Zones in the 2010's included parts of the AMP and Templeborough in Rotherham and involved business rates discounts and simplified planning arrangements for businesses in specific target sectors. When it was announced in 2011, it was forecast to create 12,600 jobs and attract around 250 new advanced manufacturing and technology-based businesses to the area by 2015. It was hoped to reach 20,000 jobs, 400 businesses and £20m a year in new business rates from over 6.4 million sq ft of floor space.

Images: SYMCA


Anonymous,  July 15, 2023 at 7:53 AM  

I'm just amazed Jeremy Hunts sat nav knows where the North is!

Jez July 16, 2023 at 5:50 PM  

I think he met up with some of his old mates from Concrete Canyon.

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