Business leaders have signed off a landmark £325 funding deal which is expected to create tens of thousands of jobs in the region.
Nick Clegg, deputy prime minister, joined up with council and business leaders from across the Sheffield City Region to sign a £325 million Growth Deal.
In July, the Local Enterprise Partnership (LEP) secured the landmark deal for the Sheffield City Region, which will create over 28,000 jobs and training for 40,000 people.
The funding will help to deliver more than £600m worth of infrastructure schemes, including the building of a rail engineering academy in Doncaster, transport links to new housing and employment sites the Dearne Valley and a link road to Doncaster’s Robin Hood Airport.
It will also be used to help about 2000 businesses to start exporting to overseas markets, deliver 14 region-wide transport schemes, including new cycle and walking routes, and improve bus routes.
Five large new business units will also be created across the region.
The official signing ceremony took place at the Electric Works office in Sheffield City Centre last week.
Mr Clegg, who chairs the local growth cabinet committee, said: “We are ending a culture of Whitehall knows best. Decisions over spending on infrastructure, business support and housing are being made at a truly local level.
“Instead, we are placing the power and money in the hands of the people who know how to spend it best, making a real difference to Sheffield City Region.
“This Growth Deal will create thousands of jobs, provide incredible new training opportunities for young people, build thousands of new homes and improve transport links for everyone - building a stronger economy and a fairer society.”
James Newman, chairman of Sheffield City Region LEP, said: “Signing our deal with the deputy prime minister marks an important milestone in the process of taking control of our local economy. This deal will unlock millions of pounds of investment to grow the Sheffield City Region economy and create jobs.”
The Growth Deal has been achieved as a result of the LEP’s wider strategic economic plan (SEP) to Government which set out plans to transform the local economy over the next decade. At the heart of the plan is the creation of 70,000 new private sector jobs and 6,000 new businesses over the next ten years.
It will also enable the LEP to create a £130 million skills bank, which will provide training for 40,000 people in the Sheffield City Region, including between 5,000 and 7,500 apprentices. The funding will also be used to upgrade further education facilities and build a brand new British Glass Academy.
The Growth Deal will also mean that the LEP can extend its business investment programme which will create 4,000 new jobs for local people.