Sheffield City Region (SCR) have announced a deal with the Government to take responsibility for funding major schemes at a local level.

The ‘City Deal’ would mean that Central Government will transfer money into a £72m total investment fund in skills and will also put money into a transport fund that could be worth £500m to the City Region.

This means that more decisions on how money is spent on skills and transport in the Sheffield City Region will now be made by local businesses and partners who understand what is needed in the region.

A key element of the ‘City Deal’ scheme will be focussed on job creation and skills, with 4,000 new apprenticeships created across the region and an additional 2,000 adults trained in new skills to help the local economy grow.

The Government is set to agree a three-year investment plan with the Sheffield City Region’s Skills and Employment Partnership. This will enable a joint investment scheme with £44.4m of local public and private sector investment, £23.8m of Government funding and an additional £4m from Government.

Cllr Julie Dore, Leader of Sheffield City Council said: “When I was elected as Leader of Sheffield City Council, I promised that I would stand up for Sheffield to achieve the best outcomes for the city and City Region. This city deal is a clear demonstration of how we are working together across the city region and with business leaders to develop our economy and provide opportunities to make a real difference to the lives and futures of people in Sheffield.

“With local businesses in the lead, this means that there’ll be 4,000 new apprentices working in the City Region by 2016, getting the skills they need for a successful career. There will also be 2,000 more employees with the necessary skills to help our businesses and the City Region’s economy grow.”

James Newman, Chairman of the Sheffield City Region Local Enterprise Partnership said: “This deal will further allow the LEP to drive forward real economic growth and create jobs for the Sheffield City Region.

“The skills deal gives businesses unprecedented control over the way in which our skills system works, so that we can make sure we have a highly skilled workforce which corresponds with the City Region’s business needs.

“Our transport deal will ensure that our workforce can travel faster, smarter and more efficiently. This deal is essential to achieving our growth potential and devolves the power to make transport decisions which focus on growing the City Region’s economy.”

“Our £700m shared investment programme creates the funding firepower for business leaders to influence local funding allocation decisions – so that future investments are prioritised on creating new growth opportunities.