£700m fund expected to 'unlock' major high tech jobs park on the Don Valley Corridor
’Now we have an opportunity to build on our success’
South Yorkshire’s mayor is expecting a £700m cash announcement to unlock a major technology park, expected to create well paid jobs on the Don Valley Corridor.
It comes as the Government announced today that 10 major industrial and commercial sites across the UK could be built with the help of £700 million in public capital, the Government has announced.
The strategic sites accelerator, launching today, will help stalled projects that are commercially viable and have strong investor demand get off the ground, according to ministers.
South Yorkshire Mayor Oliver Coppard said the scheme would help unlock the potential of the Runway Park innovation district in the Don Valley Corridor, which links Rotherham and Sheffield and is home to companies such as Boeing, Rolls-Royce and McLaren.
“Now we have an opportunity to build on our success, bringing the public and private sectors together to attract investment and create new opportunities,” he said.
“We can grow the industries of the future and create more good jobs, giving people across South Yorkshire the chance to stay near and go far.”
Runway Park is a 100-acre development that links the Sheffield University’s world-class research with the real-world challenges faced by a wide range of businesses, from growing companies to household name multinationals.
It is close the the Parkway and the M1.
The university states: “As well as providing access to sophisticated facilities, equipment and expertise, Runway Park forms part of South Yorkshire’s wider innovation ecosystem designed to help organisations innovate and thrive as the challenges they face continue to evolve.”
It is shaped around four distinct zones - research, innovation, manufacturing and leisure, with each designed to support focused activity while encouraging collaboration.
The scheme is intended help tackle barriers to development, such as planning issues, grid connections and access to finance, according to the Department for Business and Trade.
Six to 10 nationally important developments will benefit through loans, equity and grant funding, as well as technical expertise.
These could range from science parks to defence, technology and manufacturing sites.
The programme will seek to attract up to £2 billion of private investment.
Mayors and local leaders are to help identify investment opportunities.
Chancellor John Healey said: “Local leaders know their communities best. Only by trusting them with real power and resources will we see change.
“This £700 million package is helping break down the barriers to local growth, so people can feel the benefits of a growing economy and love where they live.”
The Government said it was already working with local partners on potential sites in Sheffield.
Business Secretary Jonathan Reynolds said: “Britain’s potential is everywhere, but we hear the same old arguments all too often – outdated infrastructure, insufficient access to finance, and problems with planning.
“These are barriers that hold back investment, block new jobs and shackle our potential, and we need to do more to empower our local leaders and help drive the growth their communities deserve and expect.
“This programme will get the ball rolling for up to 10 of the UK’s most important potential sites, attract billions in investment, unlock tens of thousands of good-quality jobs in the years ahead, and bring good growth to every postcode.”
Applications are open until January 19 2027.
Conservative shadow business secretary Julia Lopez said: “If Labour were serious about backing business and getting our economy moving, they would be cutting taxes, reducing regulation and making it easier for firms to invest, grow and create jobs.
“Instead, at the Budget, they went in completely the wrong direction.”