Leaders agree £500 million stimulus spending package for South Yorkshire

South Yorkshire mayor Dan Jarvis along with the region’s council leaders have signed off a massive spending stimulus package of more than £500 million to haul the region back from the Covid-19 crisis.

By George Torr, Local Democray Reporter
Friday, 25th March 2022, 4:27 pm

Mayor Jarvis, has announced a fund worth half a billion pounds to be used on making improvements in the region’s four local authority areas.

Following an agreement with the Treasury, the mayor will borrow £500 million against what it receives in gainshare funding.

Around £300 million is planned for investment in places, transport and infrastructure and another £200 million of borrowed money will be invested in jobs and skills from 2022.

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South Yorkshire mayor Dan Jarvis

These pots of borrowed money will be called the ‘South Yorkshire Renewal Fund.

Leaders signed off on the plans at a recent meeting.

Mayor Jarvis said: “I am delighted to have secured the South Yorkshire Renewal Fund during my last MCA meeting as the Mayor of South Yorkshire, equipping the incoming mayor and local leaders with the tools to unlock our region’s potential.

“It will allow the MCA to continue making much needed improvements to transport and infrastructure, regenerating our places as well as improving opportunities for people by supporting the creation of hundreds of highly skilled and green jobs.

“It has been my mission as mayor to create a stronger, greener and fairer South Yorkshire for all of us and together we have implemented great things to achieve this.

“We have already attracted a host of new, exciting businesses to invest in our region, and South Yorkshire is fast becoming a hub of Advanced Manufacturing and green technology.

“I’d like to thank local leaders and my team at the Combined Authority for all of the incredibly hard work dedicated over the past four years, enabling us to unlock and invest vital funding to benefit the whole region.

“I look forward to seeing the South Yorkshire Mayoral Combined Authority move forward, continuing this important work backed up by the huge investment that the South Yorkshire Renewal Fund brings.”

To date, over £69 million of gainshare commitments have been made. The proposals will commit a further £51 million leaving £780 million in residual gainshare resource available for commitment to support the emerging plans.