'Invest, expand and stay': Sheffield's plan for 6,500 new businesses by 2035 set out at London event
Plans to create thousands of new businesses in Sheffield and boost the economy by billions have been set out to politicians in London.
The Sheffield Pride of Place Partnership, made up of business, civic and education leaders in the city and chaired by Henry Boot chief executive Tim Roberts, held an event at the House of Lords yesterday to promote its recently-created ten-year vision for driving investment and boosting productivity and employment.
The plans, which run parallel to Sheffield City Council’s goals, aim for Sheffield to become home to 6,500 new businesses by 2035 and become “a national leader in SME retention and growth” in the process.
Other ambitions include becoming a leading city for derisking and delivering investment, with hopes that delivering the plan could boost the UK economy by £2.2bn a year.
The prospectus states: “Sheffield will be known as a city where businesses can invest, expand, and stay for the long-term.”
Ambitions to reduce youth unemployment and create tens of thousands of high-skilled jobs have also been set out.
Mr Roberts told The Yorkshire Post he believed the ambitions – which are centred around improvements to the local economy, social mobility and infrastructure - could be delivered through a mix of local, regional and national support.
"It is a ten-year prospectus and we have thought long and hard about what things we need to achieve. I think we have a very good chance of achieving improvements,” he said.
Mr Roberts, who is originally from South Yorkshire and moved back to the region in 2020 after being appointed the CEO of Sheffield-headquartered construction firm Henry Boot, said the city is going in the right direction.
"I do believe Sheffield is in a better place than it was and it has got a lot to offer.
"We have got to represent the city well and be a cheerleader for it.”
Among the key ambitions set out in the prospectus is a call for government and institutional investors to help derisk capital investment in Sheffield.
It states: “We ask partners to help accelerate project delivery and increase the flow of private finance, making Sheffield the national standard-setter for investment confidence and growth."
It also wants long-term investment in supporting the growth of SMEs, with a call for relevant government departments to invest into advice, finance and innovation programmes.
It adds: “We ask partners to help expand Sheffield’s SME base, improve survival rates, and increase high-value jobs and R&D investment.
"Our city will be a national leader in SME retention and growth, with a regulatory and support environment that enables businesses not just to start, but to thrive for the long-term.”
The report states that despite the city having two universities, “many leave to take advantage of promotion opportunities elsewhere, particularly in engineering and creative sectors”. It said three-quarters of employers in Sheffield have reported struggling to find candidates with the right technical and practical skills.
Mr Roberts said improving graduate retention rates is another important area of focus for the city in the coming years.
"We have a very high level of graduates but our retention rates could be better,” he said.
"Sheffield is a wonderful place but we have to make sure people have good jobs to stay for.”