£860 million "new deal" to boost region after Covid pandemic

Sheffield City Region mayor Dan Jarvis (pictured) said that with the proposal plan, which involves borrowing £500 million against future devolution payments, the region was “rewriting the rule book” to meet the economic challenge posed by COVID.

The “new deal” would see hundreds of millions invested into schemes to “protect, create and attract thousands of jobs, train workers and apprentices, back businesses to locate and grow in the region, and transform infrastructure”.

Mr Jarvis said: “Extraordinary times call for extraordinary measures.

“Despite the challenges Covid throws at us, our plan sends a crystal-clear message of ambition and confidence - that South Yorkshire is open for business and ready to prosper.

“The Government may not be willing to back our region, but local leaders and I will not stand by and let our potential be squandered.

“That’s why we’re rewriting the rule book, using powers and resources secured from Westminster, to invest in our people, our businesses and our towns and high streets.”

The plans include a South Yorkshire Renewal Fund, which will be considered for approval at a meeting of Mr Jarvis and the four South Yorkshire councils on March 22.

The £860m investment is made up of £358 million mayoral combined authority funding, aimed at boosting jobs, businesses, high streets, housing and transport, and £500 million to be borrowed to create the South Yorkshire Renewal Fund.

This fund will involve £300 million of investment in “places”, including infrastructure and transport, and £200m of funding for jobs and skills in South Yorkshire.