What this means for Finance
The leaders of Sheffield City Region will take control over the money available to invest in the local economy. Most of the things our economy needs – better transport, business growth, better housing and training – need funding committed to them for long periods to deliver results. Most of this money is currently controlled by central government and often hasn’t been guaranteed for the long-term and is not always spent on the things that matter most to places in Sheffield City Region.
As part of the Devolution Deal, the elected leaders of Sheffield City Region’s Combined Authority, working alongside representatives from the private sector, will have control of a £30million per year fund from Government committed for the next 30 years totalling £900million of guaranteed funding. We can use it to invest in the big projects and developments that take time to build or need money committing for a long period of time.
We will also keep the money raised from any growth in Business Rates over the coming years. This means that when businesses grow or new businesses come into Sheffield City Region, the money they pay in Business Rates will be spent on local services, more growth and more jobs in Sheffield City Region rather than going straight back to central government.
Other Government money given to Sheffield City Region (eg. for transport or housing) will be given to us in one budget so that we’re not told how to spend it by the different Government departments. We will also have greater control over the money Sheffield City Region gets from the European Union. This means we can invest the money we get from Government and the EU in the things that matter most to our local economy.