South Yorkshire Advanced Manufacturing Investment Zone Debate
Full Debate: Read Full DebateDepartment: HM Treasury
Gareth Davies
Main Page: Gareth Davies (Conservative - Grantham and Bourne)Department Debates - View all Gareth Davies's debates with the HM Treasury
South Yorkshire Advanced Manufacturing Investment Zone
Gareth Davies Excerpts(1 year, 5 months ago)
Written StatementsRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Exchequer Secretary to the Treasury (Gareth Davies)
On Friday, the Government and the South Yorkshire Mayoral Combined Authority announced the creation of a new South Yorkshire investment zone focused on advanced manufacturing, building on the region’s long-standing research strengths and existing commercial operations in the area. Local communities and businesses across South Yorkshire, including in the Sheffield-Rotherham corridor, Barnsley and Doncaster, will benefit.
The Government also announced that Boeing, Spirit AeroSystems, Loop Technologies and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) have partnered to support the first investment within the zone, leading a portfolio of major new R&D projects into the future of aerospace. This investment will be worth over £80 million partially funded from the joint public-private sector Aerospace Technology Institute programme.
The South Yorkshire investment zone will be co-designed with the University of Sheffield and Sheffield Hallam University. By harnessing the region’s local sector strengths, significant innovation assets and existing talent, the Investment Zone will catalyse further investment to boost productivity and deliver sustainable growth that benefits local communities. The investment zone will increase commercial opportunities in areas that have historically under-performed economically through a total funding envelope of £80 million over 5 years. It is expected that the investment zone will support more than £1.2 billion of private investment and the creation of more than 8,000 jobs by 2030.
The Government will continue to work with the South Yorkshire Mayoral Combined Authority, the University of Sheffield, Sheffield Hallam University and other local partners to co-develop the plans for their advanced manufacturing investment zone, including agreeing priority sites and specific interventions to drive cluster growth, over the summer ahead of final confirmation of plans.
[HCWS957]