The South Yorkshire zone will focus on advanced manufacturing and aeronautics, and is expected to raise £1.2bn of private funding, creating more than 8,000 new jobs by 2030.

The government expects that the investment zones will remove blockers to growth, improving chances to finance, supporting business growth, and creating higher skilled jobs.

Secretary of state for levelling up, Michael Gove, said: ‘This announcement is a significant moment for South Yorkshire as it becomes the home of England’s first advanced manufacturing investment zone. This will help level up the region, creating jobs and boosting economic growth.’

Boeing is one of the major investors in the zone, which will specialise in aerospace and will see over £80m invested in research and development projects.