- Substantial boost to South Yorkshire, with the UK’s first Investment Area focused on Advanced Manufacturing.
- Sheffield, Rotherham, Doncaster and Barnsley all benefit from an estimated 8,000 new jobs and £1.2 billion in private capital by 2030, which this Investment Area will help deliver.
- Boeing, Spirit AeroSystems, Loop Technology and the University of Sheffield’s Advanced Manufacturing Research Center (AMRC) teamed up to support the first investment of more than £80 million.
Communities in Sheffield, Rotherham, Doncaster and Barnsley will benefit from thousands of new jobs and £1.2 billion investment as part of the UK’s first Advanced Manufacturing Investment Area.
Prime Minister Jeremy Hunt today (July 14) praised the first Advanced Manufacturing Investment Area in South Yorkshire for providing opportunity to traditionally economically underperforming areas.
Growing the economy and creating opportunity across the UK is a priority for the Prime Minister. Twelve Investment Areas will be established across the UK based on a university and high growth industry clusters such as Advanced Manufacturing, life sciences or green industry, which will benefit directly to the local community.
Building on the region’s strengths, the South Yorkshire Investment Area focuses on Advanced Manufacturing and includes the University of Sheffield and Sheffield Hallam University. The Investment Sector is expected to help leverage more than £1.2 billion in private capital and help support more than 8,000 jobs by 2030.
Prime Minister welcomes first investment as he meets Boeing executives at AMRC‘s Factory 2050, a manufacturing technology research and development facility.
Those from Sheffield, Rotherham, Doncaster and Barnsley will see barriers to development in their area, such as challenges in attracting finance and investment, supporting business growth and exposing The clear progression to higher-skill jobs will decrease. They will also benefit from further government funding through the Investment Zone worth up to £80 million.
This could be through potential support for industry-relevant specialist training programs and support for local businesses in the industry’s supply chain, helping to drive more business and productivity. .
Exchequer Chancellor Jeremy Hunt said:
“Our first Investment Zone is a prime example of how we will drive growth across the country.
“It has secured more than £80 million in private investment, including support from Boeing, and will help support more than 8,000 jobs by 2030.”
Secretary of State for Leveling, Housing and Communities Michael Gove said:
“Today’s announcement is a significant moment for South Yorkshire as it becomes home to Britain’s first Advanced Manufacturing Investment Area. This will help elevate the region, create jobs and spur economic growth.
“We want to build on South Yorkshire’s proud heritage so it can contribute even more to the UK economy. This is what leveling up, driving growth, and providing opportunities for people to thrive in the communities they live in.”
Today’s announcement of an investment of more than £80 million in a portfolio of Boeing-backed R&D projects that will examine the future of aerospace. Boeing will work with industry partners, Spirit AeroSystems and Loop Technology at the University of Sheffield’s Advanced Manufacturing Research Center (AMRC) Factory 2050 in Sheffield Business Park.
The project, which is jointly funded by industry and government, including through the Aerospace Technology Institute’s program, and with support from the South Yorkshire Mayors Joint Authority and the University of Sheffield, puts the UK at the forefront of aviation research, development and manufacturing as demand for commercial aircraft is forecast to exceed 40,000 over the next 20 years.
Boeing has a long history in South Yorkshire – its program can be traced back to its co-founder AMRC with the University of Sheffield about 22 years ago. Since then, the AMRC created state-of-the-art manufacturing at its former brownfield site, including Boeing’s first European factory.
The Government will continue to work with the South Yorkshire Mayors Joint Authority, the University of Sheffield, Sheffield Hallam University and other local partners to jointly develop plans for their Advanced Manufacturing Investment Area. , including agreeing on priority development sites and specific interventions to promote cluster growth, over the summer before final confirmation of the plan.
At Spring Budget, the Prime Minister announced eight locations in the UK that are eligible to host the Investment Zone.
Each invitee identifies an Investment Area that offers an innovative partnership between local government and a university or research institute in a way that catalyzes emerging clusters of innovation.
Today’s news follows a joint announcement by the UK and Scottish Governments that there will be two Investment Areas in Scotland, with the Glasgow City Area and North East Scotland offering the most potential to host these areas. this area. Discussions will begin with both areas to develop detailed proposals.
Each Investment Area will receive £80 million support for a range of interventions that could include skills, infrastructure and tax breaks, depending on local circumstances. These regions will help drive growth in key government growth sectors including advanced manufacturing, life sciences, green industries, digital and technology and creative industries.
The Government is also working closely with authorized regulators to establish how the Investment Estates in Wales and Northern Ireland will be delivered.
More information
Photos of the Prime Minister visiting an advanced manufacturing research center in Sheffield will be available on Flickr Treasury.
The investment from Boeing and its partners includes funding support from the Joint Mayors Authority of South Yorkshire and the University of Sheffield, as well as from government and industry through the Aerospace Technology Institute (WE HAVE GOT) Programme. This is built on 343 million pounds of government-industry WE HAVE GOT funding for UK aerospace projects announced so far in 2023. For more information on WE HAVE GOT To sponsor the program, please contact newsdesk@trade.gov.uk.
The Prime Minister announced that the Government is working to provide investment areas in partnership with eight combined mayoral agencies, which are:
- Proposed East Midlands Mayor Incorporated County Authority
- Greater Manchester Mayor Incorporation Authority
- Liverpool City Area Mayor Coordinating Body
- Proposed Northeast Mayor Incorporation Agency
- South Yorkshire Mayor Incorporation Authority
- Tees . Valley Mayor Incorporation Agency
- West Midlands Mayor Incorporation Agency
- West Yorkshire Mayor Incorporation Body
