Sheffield-Rotherham investment corridor gets £1.2m initial funding for 'world-leading' innovation
Powerhouse of clean energy and advanced manufacturing expected to bring £1.3bn boost to the local economy
Proposals to turn Sheffield’s Don Valley Corridor into “a powerhouse of clean energy, advanced manufacturing and world-leading innovation” are starting to move forward.
Plans for the Don Valley Corridor were launched with a big fanfare in March at the Advanced Manufacturing Park in Catcliffe, Rotherham.
The idea is to create an investment zone for cutting-edge manufacturing, research and innovation companies, stretching from the city centre to Attercliffe, Tinsley and Templeborough into Rotherham.
The aim is to boost the local economy by £1.3bn and create 18,500 new jobs and more than 10,500 new homes over a period of 30 years, said committee chair Coun Ben Miskell.
He was speaking at a meeting of Sheffield City Council’s economic development, skills and culture policy committee today (November 11). Councillors approved committing £1.2 million of initial funding to the project over three years.
The programme will be led by the South Yorkshire Mayoral Combined Authority, working with the council and Rotherham Metropolitan Borough Council.
A joint business team will also be set up to push forward the project.
The £1.2m is part of three years of Gainshare government local devolution funding. It will be spent over three years as part of an initial £5.4 million development programme.
Coun Rob Reiss asked about the possibility of investing £8.1m that was mentioned in a report to the committee. He said he was “slightly disappointed” this was not the preferred option as it shows more ambition.
Ben Morley, assistant director for programmes and accountable body, said currently that does not look like delivering significant extra benefits.
Coun Mohammed Mahroof said there have been plenty of “false dawns” for areas like Attercliffe and asked for reassurance.
Mr Morley said that the project has national significance in rebuilding UK industrial strength.
“That doesn’t mean to say it’s going to be easy, it doesn’t mean there’s going to be money coming in left, right and centre – we all know the state of the economy at the moment.”
Coun Paul Turpin said that wealthy landowners have been “banking the land for decades, not willing to put their own money in and it hasn’t been redeveloped because the funding hasn’t been there”.
Coun Joel McGuigan said tax cuts should be considered to boost investment.