UK Chancellor Rishi Sunak has delivered his first Budget and set the scene for bold growth and investment in UK Businesses and Infrastructure. Key announcements include that more than £600bn is set to be spent on infrastructure by the middle of 2025, small to medium businesses can expect to benefit from cuts to business rates, funding for green transport solutions will rise by £1 billion and a detailed spending review is intended to put regional prosperity back at the heart of spending decisions.
In the midst of these pledges, Sheffield City Region have unveiled plans for their biggest ever development project – a £1.5bn plan to transform the area around Sheffield Station making the most of HS2 and Northern Powerhouse Rail. Their 20 year plan is to undertake huge infrastructure and public realm improvements including the closure of Park Square roundabout and Sheaf Street to make way for a new tram route, a landscaped pedestrian bridge that would link Park Hill with Howard Street and a new park and link to Victoria Quays, Castlegate and West Bar. Reconfiguring the area will connect the train station with Heart of the City II and create new development opportunities for the city centre.
We can’t wait to hear more tomorrow from Sheffield City Council at the alternative MPIM event and discuss how large-scale regional infrastructure investment could translate into a sustainable future for Sheffield and bring investment, jobs and homes to the heart of the city.