Mayor Dan Jarvis and local leaders are to approve a ground-breaking stimulus, worth up to £860 million, to revitalise South Yorkshire’s economy and transform the region.
The Mayor said he and local leaders were ‘rewriting the rule book’ to meet the seismic economic challenge posed by COVID.
The investment heralds a ‘New Deal for South Yorkshire’, which will unleash South Yorkshire’s potential, and deliver recovery and renewal for the region after the pandemic.
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.
Sheffield City Region Mayor Dan Jarvis said: “Extraordinary times call for extraordinary measures. Despite the challenges COVID throws at us, our plan sends a crystal-clear message of ambition and confidence: that South Yorkshire is open for business and ready to prosper. The Government may not be willing to back our region, but local leaders and I will not stand by and let our potential be squandered.
“That’s why we’re rewriting the rule book, using powers and resources secured from Westminster, to invest in our people, our businesses and our towns and high streets. This is the power of devolution: it means we can deliver on the priorities of our people: jobs, apprenticeships, better buses, new flood defences, stronger transport links and revitalised high streets and town centres.
“We working to create a stronger, greener, fairer South Yorkshire for all – delivering not just recovery, but renewal. Not just a bigger economy, but a better one. We know South Yorkshire’s people and industry rightly have enormous pride in our story so far. We’re reinforcing our reputation as the heartland of British industry and innovation, and we’re making our region an even better place to live, work and invest.
“We’ve started to transform South Yorkshire and we believe that our best days lie ahead of us. That’s why we’re creating the South Yorkshire Renewal Fund – a comprehensive plan to unlock the potential of our people, businesses and places, so everyone can have a stake in our future prosperity. We will deliver a New Deal for South Yorkshire.”
The South Yorkshire Renewal Fund will be considered for approval by the Sheffield City Region Mayoral Combined Authority at its meeting on Monday 22 March.