8,000 jobs on way as South Yorkshire becomes UK's first Investment Zone

The Chancellor announced a huge job creation scheme on a visit to Sheffield
By David Walsh
Published 14th Jul 2023, 00:01 BST
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A £160m business growth scheme in South Yorkshire could create 8,000 jobs in the next seven years, it is hoped.

Chancellor Jeremy Hunt travelled to Sheffield to launch the UK’s first Investment Zone, backed by £80m for firms to start, grow or relocate into the area.

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At the same time, aerospace giant Boeing and partners announced £80m for a new research building to develop lightweight aeroplane parts on the former Sheffield City Airport.

Compass - Composites at Speed and Scale - will be an extension to Sheffield University’s AMRC Factory 2050 on what is now Sheffield Business Park. Boeing opened its first factory in Europe on the same site in 2018. It says the new project will create 50 jobs, with potential to create 3,000 based on forecast demand for aircraft.

In all, 12 Investment Zones will be established across the UK based around a university and clusters of high growth industries. 

Mr Hunt said he expected South Yorkshire’s would attract more than £1.2bn of private funding.

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Chancellor Jeremy Hunt at Factory 2050 in Sheffield with South Yorkshire mayor Oliver Coppard, left, Maria Laine, President of Boeing, UK, Ireland and Nordic region, and Steve Foxley, chief executive officer at the AMRC.Chancellor Jeremy Hunt at Factory 2050 in Sheffield with South Yorkshire mayor Oliver Coppard, left, Maria Laine, President of Boeing, UK, Ireland and Nordic region, and Steve Foxley, chief executive officer at the AMRC.
Chancellor Jeremy Hunt at Factory 2050 in Sheffield with South Yorkshire mayor Oliver Coppard, left, Maria Laine, President of Boeing, UK, Ireland and Nordic region, and Steve Foxley, chief executive officer at the AMRC.

He added: “Our first Investment Zone is a shining example of how we will drive growth across the country. It’s already secured more than £80 million of private investment, including backing from Boeing, and will help support more than 8,000 jobs by 2030.”

The new zone will offer businesses support in skills, infrastructure and tax reliefs.

Chancellor Jeremy Hunt with SY mayor Oliver Coppard, left, and AMRC CEO Steve Foxley at Factory 2050.Chancellor Jeremy Hunt with SY mayor Oliver Coppard, left, and AMRC CEO Steve Foxley at Factory 2050.
Chancellor Jeremy Hunt with SY mayor Oliver Coppard, left, and AMRC CEO Steve Foxley at Factory 2050.

Sheffield City Council Leader, Cllr Tom Hunt said: “It is fantastic that South Yorkshire is the first Investment Zone to be announced in the UK. In Sheffield and our region, businesses and researchers are at the cutting edge of new developments in advanced manufacturing, green aerospace, advanced health and wellbeing, clean energy, and the digital sector. The investment zone will provide new opportunities to scale up businesses and create new opportunities for jobs and further investment.”

Boeing’s first factory in Europe is on close to the AMRC’s Factory 2050 on Sheffield Business Park. Boeing chose Sheffield because of its long-standing relationship with the AMRC, the region’s capabilities, talent pool and strong manufacturing supply chains.Boeing’s first factory in Europe is on close to the AMRC’s Factory 2050 on Sheffield Business Park. Boeing chose Sheffield because of its long-standing relationship with the AMRC, the region’s capabilities, talent pool and strong manufacturing supply chains.
Boeing’s first factory in Europe is on close to the AMRC’s Factory 2050 on Sheffield Business Park. Boeing chose Sheffield because of its long-standing relationship with the AMRC, the region’s capabilities, talent pool and strong manufacturing supply chains.

Other areas within the Investment Zone include Sheffield Olympic Legacy Park, which is home to Sheffield Hallam’s Advanced Wellbeing Research Centre and National Centre of Excellence for Food Engineering, and Sheffield city centre, as well as sites in Barnsley Rotherham and Doncaster.

Related topics:SheffieldGovernment

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