It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been named as the first of the UK Investment Zones.
These Investment Zones are designed to encourage investment and new economic activity, supporting growth and jobs. The Investment Zones will benefit from lower taxes and more relaxed planning frameworks to encourage rapid development and business investment.
The new Investment Zone in South Yorkshire will specifically focus on Advanced Manufacturing. Sheffield, Rotherham, Doncaster and Barnsley all stand to benefit from an estimated 8,000 new jobs and £1.2 billion of private funding by 2030, which this Investment Zone will help to deliver. Boeing, Spirit AeroSystems, Loop Technology and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) have partnered to support the first investment worth over £80 million.
The government is also working with the devolved administrations and local partners to deliver this opportunity to drive local growth in Scotland, Wales and Northern Ireland. There will be two Investment Zones in Scotland, with Glasgow City Region and North East of Scotland the most likely areas to host Investment Zones. Further information on Investment Zones in Wales and Northern Ireland is pending.
Source: New feed