URL: https://democracy.sheffield.gov.uk/ieDecisionDetails.aspx?ID=4940

Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: 8.1 The Head of Programmes and Accountable Body presented the report which provided an update of performance to date in terms of investments and also the status of the Investment Zone Business Rate Retention area located within Sheffield.     8.2 RESOLVED UNANIMOUSLY: That Economic Development, Skills and Culture Policy Committee:-   a)    Note the progress in developing the South Yorkshire Investment Zone     8.3 Reasons for Decision     8.3.1 Sheffield has ambitious plans for the future of its economy which are now articulated in the Sheffield Growth Plan. The development of the Investment Zone will play a crucial role in the Growth Plan’s delivery and will look to maximise the outcomes for Sheffield’s residents and businesses.     8.4 Alternatives Considered and Rejected     8.4.1 Alternative Option 1: Seek to withdraw from the Investment Zone   As outlined in this paper, the Investment Zone has brought a number of benefits to the City and the region. As well as access to funding the IZ status attracts investment opportunities and provides a strong narrative for the region in respect to Advanced Manufacturing and associated activity. Any consideration to cease IZ status would require agreement with SYMCA who act as the Accountable Body for the region.     8.4.2 Alternative Option 2: Do not progress with Business Rate Retention   BRR has been approved and captured in legislation and would require further legislation for the status to be removed. The BRR agreement with Government and SYMCA means that the Council is at no detriment ie at a minimum the Council will be no worse off in terms of Business Rate income with or without designated status no matter how it performs. However, the potential to retain additional business rates locally and regionally to support the development of the IZ is seen as a valuable tool and even the limited growth identified in section 2.3.2 enables reinvestment into the local economy.      

Date of Decision: March 26, 2026