Sheffield urgently needs more power over its finances after it was accused of ‘punching below its weight’ in the economy.
Devolution would give the city greater control over freedoms to tax, borrow and invest, helping to end London’s huge influence, according to a new report by the Centre for Cities.
It showed Sheffield lost 7,500 private sector jobs between 2010 and 2012, placing it 61st out 63 cities in England.
In contrast, first-placed London created 216,700 private sector jobs in the same period, some 80 per cent of the total.
Today both political and business leaders in Sheffield called for the city to be given more powers to help boost the local economy.
Plans submitted to Government by the Local Enterprise Partnership show the city region could create 70,000 new jobs in the next decade if it had more power.