A Covid stimulus package worth up to £860m is set to be approved to help revitalise South Yorkshire’s economy and transform the region.
Sheffield City Region mayor Dan Jarvis and local leaders are set to approve the investment to help meet the major economic challenges posed by a year of coronavirus restrictions and lockdowns.
The South Yorkshire Investment Fund – which will be considered for approval by the Sheffield City Region Mayoral Combined Authority on March 22 - has been heralded as a ‘new deal for South Yorkshire’, helping to unleash the area’s potential and deliver recovery and renewal post-pandemic.
Hundreds of millions of pounds will be invested in 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.
The mayoral authority will borrow £500m against future devolution payments to help fund the schemes.
Mr Jarvis, who is also Barnsley Central MP, said: “Extraordinary times call for extraordinary measures. Despite the challenges Covid has thrown us, our plan sends a crystal clear message of ambition and confidence that 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.
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“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 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.”