£14 million for Sheffield City Region Enterprise Zone
The LEP has welcomed today’s Government decision to invest £14.2 million in the Sheffield City Region Enterprise Zone to help to attract modern manufacturing and technology investors to the area.
James Newman, Chairman of the Sheffield City Region LEP, said:
“The UK economy will be getting an excellent return on this investment from Government which will help to unlock more than £80 million of new business investment and over 2,000 new jobs for the Sheffield City Region.
“The Government’s decision to invest over £14 million in our Enterprise Zone will be welcomed by international investors looking to set up in the Sheffield City Region.
“This important funding will enable us to meet unmet investor demands by making improvements to our Enterprise Zone at Markham Vale, including medium-sized business units and developing larger areas for bigger investors.
“Improvements at Markham Vale will help us to build on the success of our Enterprise Zone, which in its first year attracted 15 new occupiers, created 228 new jobs and was picked out as the number 1 UK free zone by the Financial Times.”
Sheffield City Region’s Enterprise Zone is set to receive a cash injection of up to £14.2 million to speed up delivery of vital infrastructure at Markham Vale, a leading business and industrial park off the M1. The grant will generate a further £95.7m of private sector investment, create more than 2,100 jobs and build new access roads, around 16,720 sq m of commercial floorspace, and unlock a further 33 hectares of land for development.
Councillor Joan Dixon, Derbyshire County Council’s Cabinet Member for Jobs, Economy and Transport, said:
“This is fantastic news for Derbyshire.
“We want to build a strong local economy that creates jobs, attracts new businesses and provides a future for our young people – and Markham Vale has a key role to play.
“A lot of hard work has gone into getting Markham Vale to the stage it is during extremely tough economic times and today’s announcement is the latest in a string of very positive recent developments.
“Everything we do at Markham is geared towards long-term job creation. More than 500 new jobs have been announced during the last year alone some of which are yet to arrive on-site.
“This Enterprise Zone funding will allow us to develop more of the site, giving us the capacity to continue with our long-term vision of attracting more business and industry, creating 5,000 jobs for local people.”
Twelve Enterprise Zone bids have been shortlisted to complete critical ‘nuts and bolts’ infrastructure that will turn dormant sites into prime economic land, attracting new businesses and jobs to Harlow, Humber, Leeds, Sheffield, Discovery Park in Kent, Oxford, Daresbury, Alconbury, London’s Royal Docks, the Black Country, Nottingham and the Solent.
Sheffield City Region Enterprise Zone, a recognised hotbed for innovation, was rated number one Enterprise Zone for Modern Manufacturing and Technology by the Financial Times Global Outlook Report. It is home to a number of industry-university cutting edge collaborations including Siemens’s advanced turbine technology demanded by today’s wind farms and Boeing’s research to drastically reduce the braking time of their Dreamliner aircraft.
Communities Secretary Eric Pickles said:
“As part of our long term economic plan, we are backing business and enterprise right across the country, helping town centres and local industries to prosper, and building a stronger economy.
“This money for infrastructure will transform acres of Enterprise Zone land and build a stronger, more competitive business environment that will create up to 3000 jobs for hardworking people across the country.
“While our fully funded £1000 retail discount will make a huge difference to 300,000 of the essential small shops and local traders we find in our town centres across the country.”