Jeremy Hunt announces South Yorkshire investment zone: 8,000 jobs and £1.2bn investment by 2030

The chancellor confirmed £80 million of government cash for the venture, which is the first of 12 across the UK.

Mr Hunt said: "Our first Investment Zone is a shining example of how we will drive growth across the country.

"It's already secured more than £80m of private investment, including backing from Boeing, and will help support more than 8,000 jobs by 2030.”

Investors, developers and start-ups will be offered a combination of targeted support and financial interventions at the investment zone.

The Boeing-led research will look into lightweight structures for planes, which is a key part of moving aviation towards carbon neutrality - dubbed “jet zero” - by 2050.

The news - announced at the AMP’s Factory 2050 last Thursday - was welcomed by leaders across the region.

South Yorkshire mayor Oliver Coppard said: “Our investment zone will help put South Yorkshire back where we belong: at the forefront of this country’s manufacturing-led growth.

“Technology created in South Yorkshire built the modern world. Because in South Yorkshire we have always known how to deliver practical solutions to big challenges.

“Yesterday it was stainless steel and our coal industry, today it is AI, Robotics and creating lighter, stronger materials for jet zero.”

“That’s why this new Investment Zone status is so important. Because with the support of partners like Boeing, and working with the government, we’re showing we have the tools, the technology and the confidence to build on our strengths as not just the world’s first, but the world’s best Advanced Manufacturing District.”

Rotherham Council leader Cllr Chris Read said: “We always welcome any investment into our region, and as a council we have already secured millions in funding into our borough for our communities.

“This announcement builds on the successes of the Advanced Manufacturing Park and other big-name companies who have also chosen to invest here.

“Our new manufacturing economy is helping to bring more high paid jobs to Rotherham and the Investment Zone agreed for South Yorkshire today demonstrates the national significance of this.

“We look forward to seeing how it will help us in achieving our aim of meeting the needs of our communities and building on the good work we are already doing in this area.”

Rother Valley MP Alexander Stafford said: “This area, whose steelworks and factories once produced some of the most innovative and valued products, will once again be a world leader in advanced manufacturing.

“The £80 million of funding from the Treasury, alongside the £1.2 billion that it will bring, reaffirms this government’s commitment to levelling-up and its support for my constituents across Rother Valley.

“The investment, both private and public, will return thousands of jobs to South Yorkshire’s manufacturing industries, meaning apprenticeships, careers, and opportunities particularly for local residents.”

Cllr Sir Stephen Houghton, Barnsley’s council leader, added: “Although the focus of the project covers Rotherham and Sheffield, the Investment Zone will bring strong benefits to the whole of South Yorkshire.”