Sheffield's Business Bank 'an important development' for the city

Sheffield-based business experts at law firm Irwin Mitchell have described the Government’s announcement that its Business Bank is to be based in Sheffield as “an important development” and a great boost for the city economy.

Deputy prime minister Nick Clegg, who is an MP in the city, has confirmed the plans as it was also revealed an extra £250 million of support will be available through the scheme to help small and medium-sized businesses growth and drive forward the economic recovery.

The news has come ahead of the Autumn Statement by chancellor George Osborne which is also expected to include proposals to reduce business rates.

Today’s announcement has been welcomed by Irwin Mitchell, who provide commercial advice and assistance to a wide variety of commercial organisations including a focused product for the small business community.

Paul Firth, Regional Managing Partner at Irwin Mitchell’s Sheffield office and Chairman of Creative Sheffield (the economic development agency for the City of Sheffield), said: “This news is an important development for the city which highlights its increasing reputation as a business and commercial centre with an impressive and growing skills base.

“As a firm we have always recognised the hugely important role that innovation and entrepreneurs have to play in helping redevelop our economy, particularly as it continues to emerge from what has undoubtedly been a difficult few years.

“Ensuring that businesses are able to achieve their ambitions relies on the provision of top-quality support, whether that be the financial boost which we are hopeful the Business Bank will provide or highly relevant commercial advice.

“Basing the initiative in Sheffield is not only a sign of the city’s growing standing, but also an indication that the Government increasingly recognises that major innovation and development should not be restricted to London and the south-east.

“Yorkshire is home to a huge pool of talent and we hope that this fantastic news will provide business with exactly what it needs to make the next step forward in their development and growth.”

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