Member Article

Tees Valley Unlimited responds to North-South divide poll

The managing director of Tees Valley Unlimited has responded to a new report highlighting an increase in the North-South divide.

The PwC report indicated that the divide has widened since the beginning of the recession, and is likely to continue well into 2012.

The North East along with Wales was named as one of the regions suffering the greatest increase in financial stress.

However, Stephen Catchpole, managing director of Tees Valley Unlimited believes that the figures are not a true reflection of what is going on in the region.

He commented: “This report paints an over gloomy picture and does not reflect the significant strides that are being made to boost the local economy, create employment and narrow the North-South divide.

“There are the stimulating financial incentives being offered by Enterprise Zones that will help attract meaningful investment and growth.”

Tees Valley recently secured £65.6million in Regional Growth Funding, which is predicted to attract more than £400 million of private sector investment, and will safeguard and create more than 5,000 jobs in the area.

Stephen added: “Today’s announcement that SSI has awarded a £30m contract for a coal injection plant at its Redcar works to Siemens VAI at Thornaby is a reflection of the positive economic news that is emerging from the area.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .