New figures have shown that the South Yorkshire Mayoral Combined Authority has invested £150m over the past financial year – the highest-ever figure – into projects across every part of South Yorkshire. The authority has invested in 182 projects through the Capital Investment Programme for South Yorkshire businesses and people in Barnsley, Doncaster, Rotherham and Sheffield. They include:•    Renewal of Supertram £100m – allowing us to extend the life of tram tracks, improve reliability and safety and connect communities for generations to come •    South Yorkshire Airport City – over £3m of funding committed to support Doncaster Council to undertake the processes needed to acquire the airport site and go through the procurement process to appoint a new operator who will re-open Doncaster Sheffield Airport •    Glass Works £3.6m and Barnsley Market Gate Bridge £8.9m – helping deliver the award-winning Glass Works retail, leisure and public space in Barnsley’s regenerated town centre and deliver the Market Gate Bridge, a much-needed active travel link into the town centre •    Sheffield Heart of the City 2 £9m and Westbar £3.65m – supporting Sheffield’s Heart of the City 2 development which is currently transforming the city centre with an improved retail, working, leisure and living environment and Westbar which is the second largest regeneration project in Sheffield that will deliver accommodation, offices and retail •    Rotherham to Kilnhurst Flood Alleviation Scheme £2m and Forge Island to Riverside footbridge £1m – improved flood defences to reduce risk of flooding in Templeborough, Rotherham town centre, Parkgate and Kilnhurst area and a new footbridge across the River Don connecting Forge Island to Riverside, supporting regeneration to the town centre •    Zero emission buses £18.1m – the introduction of zero emission electric buses across South Yorkshire through the Zero Emission Bus Regional Area (ZEBRA) scheme South Yorkshire’s Mayor, Oliver Coppard, said: “I’m proud that we’re investing in every part of South Yorkshire to help all of our communities stay near and go far. “We’re renewing vital parts of our Supertram network, supporting the brilliant Glass Works development and Market Gate Bridge in Barnsley’s revitalised town centre, improving flood defences to protect people and businesses in Rotherham, backing the transformational Heart of the City 2 development in Sheffield and funding the reopening of Doncaster Sheffield Airport. “There’s talent and opportunity right across our region and by investing in our people and places I’m determined to unlock South Yorkshire’s full potential.”

Yorkshire and the Humber delivered a resilient economic performance in August, showing the third greatest decrease in levels of insolvency-related activity of all the 12 nations and regions across the UK since the previous month, according to the latest research from the UK’s insolvency and restructuring trade body, R3. In August, Yorkshire and the Humber saw 211 businesses impacted by insolvency-related activity, down from 256 the previous month. This 17.6% drop was only beaten by Northern Ireland with a month-on-month fall of 26.7%; and the North East which decreased by 19.1%. In contrast, five of the nations and regions saw an increase in this type of activity (which includes liquidator and administrator appointments and creditors’ meetings). The East Midlands showed the greatest increase (up by 33.3%); followed by the South West (up by 15.4%); East Anglia (up by 12.8%); the South East (up by 10.1%); and Wales (up by 2.8%). The research from R3, which is based on an analysis of data provided by CreditSafe, also showed a less encouraging sign of economic well-being with every one of the 12 nations and regions seeing a decrease in the number of start-ups between July and August. However, Yorkshire and the Humber was among the best performing with a month-on-month fall of just 3.5%. In July there were 4,076 new businesses in the region and this fell by 142 to 3,934 in August. Other nations and regions which saw only a slight drop in the number of start-ups were East Midlands (-1%); Scotland (-1.1%); East Anglia (-1.5%); and Greater London (-3%). Those with the greatest month-on-month fall in new businesses were Northern Ireland, with an 26.9% decrease; the West Midlands with a drop of 10.6%; and the North East, down by 9.7%. “After the initial euphoria of getting the General Election behind us, it looks like there are still some tough decisions ahead before the UK economy can return to pre-Covid growth,” says Dave Broadbent, chair of R3 in Yorkshire and partner at Begbies Traynor in York and Teesside. “Unfortunately, there are no easy fixes for businesses as households continue to struggle under the strain of increased living costs. However, it is encouraging to see many of the nations and regions experiencing decreases in levels of insolvency-related activity in August compared with the previous month, and for Yorkshire and the Humber to be amongst the strongest performers. “With poor forecasts for growth in the short term, businesses should be prepared for the difficult conditions to continue and would be wise to seek professional advice at the first sign of financial pressure when problems have the best chance of being contained.”

The UK economy failed to grow in June – the second month in a row, in contrast to an expected rise by 0.2% month-on-month. According to new figures from the Office for National Statistics (ONS), GDP (gross domestic product), a key measure of economy growth, showed no growth in July. It reflects a modest rise in services output which was offset by drops in both production and construction: services output grew by 0.1% month-on-month, construction output fell by 0.4% month-on-month, and production decreased by 0.8% month-on-month. Ben Jones, CBI Lead Economist, said: “The figures suggest the UK’s recovery remains on track, though sector performance remains mixed and growth over the second half of the year will probably be a bit slower than in recent quarters. “Ahead of what promises to be a difficult budget next month, the government is treading a narrow path to put the public finances on a sustainable footing while maintaining the confidence of business and investors in the recovery. “The government must remain focussed on its agenda for long-term growth. This means avoiding further pressures on business costs and providing firms with the certainty and long-term commitments over tax, regulation and infrastructure that will give them confidence to invest. “By doubling down on the recently announced planning reforms, introducing a Net Zero Investment Plan and implementing a clearer, fairer and more competitive business rates system, government has an opportunity to supercharge investment and UK growth over the next Budget period and beyond.”