Through devolution, the Mayoral Combined Authority (MCA) in South Yorkshire has been granted some borrowing powers and is set to use them to create a ground-breaking stimulus, worth up to £860m, to revitalise South Yorkshire’s economy and transform the region.
It will invest hundreds of millions into schemes to protect, create and attract thousands of jobs, train workers and apprentices, back businesses to locate and grow in the region, and transform infrastructure – building South Yorkshire’s transport network and revitalising its high streets and towns.
Commenting on the announcement of the fund, Dan Fell, Doncaster Chamber CEO said, “This is excellent news for our region – I would like to congratulate Mayor Dan Jarvis, Mayor Ros Jones, and the region’s other leaders on this confident and assertive action. Despite the huge headwinds created by the impact of the coronavirus pandemic on our economy, our region can and will grow in the years ahead.
“In the short-term, it is necessary to plug gaps in Government support and to ensure that businesses who are struggling – through no fault of their own – are supported to survive and retain workers where possible.
“In the mid-term, investment in our infrastructure, skills system and the green economy will help the region better serve the needs of the private sector. To maximise the impact of the investment, I would urge our regions leaders to engage deeply and meaningfully with the region’s business communities to ensure that the needs of the private and third sectors are at the forefront of the decision making process.
“Perhaps most importantly, this ambitious announcement sends a clear signal that our region is open for business.”