Delays to a devolution deal between the Government and the Sheffield city region (SCR) has meant that any of the £900m “gainshare” funding is unlikely to be handed over anytime soon.
The deal includes an envelope of £30m a year for 30 years – giving the SCR the power to use new funding to boost local growth and invest in local manufacturing and innovation. In return, the Government will require a directly elected mayor to hold accountability for the new powers.
The SCR will not receive its gainshare investment until the Mayoral Combined Authority powers order, which gives the area the legal tools it need to deliver the deal, has received consent through Parliament.
Following a legal challenge, local authority leaders have stated that it is not possible to hold a Mayoral election in May 2017 as planned and that they would now work towards elections in 2018.