South Yorkshire, crucible of the Industrial Revolution, was once a proud, prosperous and highly-skilled society. In the 1980s its two major industries collapsed and it is now the poorest region in England.

It still has huge assets, including coherence between its economic geography and its political organisation. It has a nationally-central and under-utilised logistics hub at Doncaster, with fast road, rail, air and port connections. In the public sector it has two top-rated universities, and excellent teaching hospitals. In the private sector it has major clusters of SMEs, including a network of 800 IT firms. It has a vibrant civil society, with world-leading social enterprises. In other countries, similarly hit cities have revived.

Dave Smith, Chief Executive of South Yorkshire City-Region Authority and Colin Mayer, Professor of Finance, discuss how South Yorkshire can forge a strategy for change.